Shiba Inu is fondly called the ‘Dogecoin killer’ (since it’s a rival asset to the popular memecoin called Dogecoin). Both memecoins have been competing against each other with DOGE taking the lead for quite some time now. Shiba Inu’s total supply in the market was 549 trillion SHIB. The team of Shiba Inu launched a burn portal Shibburn for SHIB holders to burn their tokens and help in diminishing the excessively high supply to make it a deflationary asset.
The rate of Shiba Inu burn reached a 100% after ETH holders joined the community to help the community reach 61 million target in a span of 24 hours. According to the Shibburn tracker portal the community burnt 61.1 million SHIB tokens in 13 transactions.
In the past 24 hours, there have been a total of 61,169,479 $SHIB tokens burned and 13 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) September 28, 2022
The SHIB burning cycle became the center of attraction for crypto communities as two ETH whales joined the SHIB community to burn the meme tokens which accounted for 45.7 million burnt SHIB. SHIB’s burning mechanism is simple, SHIB tokens are sent to dead wallets on the Ethereum network which after being sent are removed from circulation.
Additional Read: Shiba Inu Burn Rate Spiked to 130%
The SHIBArmy has been doing a phenomenal job with the SHIB Burn initiative to help the asset gain value by burning the asset to make the total supply scarce. The Army burnt over 410 trillion SHIB tokens last year. Shiba Inu’s team has designed and launched a number of initiatives to bring the best out of Shiba Inu. The Shibaverse – a metaverse for Shiba Inu holders, an amazon affiliate program that incorporates the SHIB burning initiative and through a dedicated music playlist that the community listens to. These initiatives are not only helping the asset grow in value but are receiving a lot of attention from brands especially for their creative approach towards scaling the SHIB project.
Shiba Inu has also launched a DEX and an NFT project to generate revenue for the project and help accrue more visibility for itself. The developers of SHIB are working on a layer 2 blockchain solution to minimize its dependence on Ethereum blockchain. The average hold time of SHIB tokens is about 190 days which is way over than other crypto assets including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Solana (SOL).
The backstory of SHIB and ETH
The token was launched by a pseudonymous individual called Ryoshi. Similar to Bitcoin’s Nakamoto, Ryoshi too decided to remain anonymous for a good cause. He handed over the SHIB project to the community and developers and asked to take the SHIB journey ahead in a medium blog post.
According to Shiba Inu’s website the total supply of the asset was one quadrillion at the time of launch. 50% of its supply was locked on Uniswap – a decentralized exchange built on the Ethereum network and the rest was sent to Vitalik Buterin, co-founder of Ethereum for safekeeping.
In 2021, Vitalik sent 40% of the tokens to a dead wallet (which means burning the tokens) and he donated 5% of SHIB’s total supply for Covid relief. Shiba Inu has also set up a Shiba Inu Rescue Association dedicated to taking care of abandoned and injured Shiba Inu dogs. The spirit of giving back to the community is what makes SHIB tokens special.
Additional Read: What is Shiba Inu (SHIB) | Whitepaper Summary
Source: Crypto Globe