After the launch of the Dogecoin killer Shiba token (SHIB), 41% of the supply has been burned.
Shiba Inu is second in talked about cryptocurrency asset in the meme coin category, following Dogecoin. The past couple of weeks (October until November) received a lot of attention as a result of an enormous increase in price, but at the moment it’s down 40% over the past 30 days.
The total amount of Shiba Inu coins is one quadrillion tokens. 50% of the supply is locked in the smart contract at uniswap to provide liquidity. And another half was donated by the team to the Ethereum co-founder Vitalik Butterin. Vitalik gave $1 billion of money towards COVID, the COVID Crypto Relief Fund in India.
However, $1billion was only 10% of the Shiba tokens that Vitalik got from the team. After donation, Vitalik transferred 90% of Shiba to the inaccessible Shib address i.e 410 trillion SHIB tokens burned by Vitalik.
But it was when Vitalik burned the 410 trillion SHIB, that point, Shiba Inu was in its first period of popularization. In the wake of the decision of Vitalik in burning the SHIB The Project team also embraced the idea of token burning.
According to stubborn, around 41.02966% of the initial supply of the Shiba Inu coin burn. And this 41.02% is equal to 410,296,586,422,853 SHIB tokens.
Based on the available data The burning of Shiba Inu coins has decreased each month. But, a variety of initiatives are in place on this project to increase the value of Shiba Inu to the next level.
Burning the coin, a strategy
Today torching of coins to push coins towards higher prices and pumps is now common. The most well-known crypto exchange Binance also burnt its own native currency Binance Coin (BNB) in order to increase its cost.
In the past, Binance Smart Chain (BSC) implemented an auto-burning protocol within the Binance network to help avoid burning manually.
Earlier, the Binance exchange team was burning BNB tokens quarterly but now they don’t need to do the same, all will happen automatically.