In a stunning move that has captured the attention of the crypto community, Akai Token (AKAI), a newly-emerged project, embarked on a massive burn spree, effectively eliminating a staggering 804 million Shiba Inu (SHIB) tokens from circulation. The project revealed that it has burned $9000 worth of Shiba Inu.
In the last 12 hours, $AKAI has burnt 9000$ worth of $SHIB pic.twitter.com/LgFAzx5VXf
— Akai | Burn $SHIB (@AkaiShibarium) July 10, 2023
The burn spree began precisely at 02:03:23 AM +UTC on July 10th. The project began by transferring 313,739 SHIB to the dead wallet in one transaction. But that was only the start. Akai Token carried on with many transactions, steadily removing millions of SHIB tokens from circulation.
According to the most recent update, Akai Token has successfully burned a total of 803.96 million SHIB through 102 separate transactions.
Unsurprisingly, the burn event has caused the overall burn rate to skyrocket, registering an astounding increase of 8991.55% in the past 24 hours alone.
Shibburn, a popular data-tracking platform documenting the details of the burn event, reveals that the Shiba Inu Community has collectively burned a total of 976.20 million SHIB in the past seven days, showcasing a strong commitment to reducing the token supply.
HOURLY SHIB UPDATE$SHIB Price: $0.00000756 (1hr 0.77% ▲ | 24hr -0.32% ▼ )
Market Cap: $4,445,652,655 (-1.07% ▼)
Total Supply: 589,348,684,321,772TOKENS BURNT
Past hour: 3,944,971 (1 transaction)
Past 24Hrs: 803,965,517 (8991.55% ▲)
Past 7 Days: 976,208,476 (-15.48% ▼)— Shibburn (@shibburn) July 11, 2023
About Akai Token
Akai is a decentralized financial payment network that rebuilds the traditional payment stack on the blockchain. By leveraging a basket of fiat-pegged stablecoins and its reserve currency, AKAI, the platform enables programmable payments and fosters the development of open financial infrastructure.
As of December 2020, Akai has processed an estimated $299 billion in transactions, catering to the needs of more than 2 million users.
According to information from the official website of Akai Token, the project has introduced a tax mechanism for its native token, AKAI. With each buy and sell transaction of AKAI, a 4% tax is imposed. This tax serves two primary purposes: 2% of it is dedicated to the burning of SHIB tokens, while the remaining 2% is allocated towards the project’s marketing activities.
By implementing this tax structure, Akai Token aims to enhance the sustainability and growth of the platform. The allocation of 2% for burning SHIB tokens contributes to reducing the supply, potentially increasing the value of the remaining tokens.
Additionally, the 2% allocated for marketing activities allows the project to foster awareness, attract new users, and promote the network’s benefits and capabilities.
While this burn spree has made waves in the crypto sphere, it hasn’t had an immediate impact on Shiba Inu’s price. According to Shibburn, Shiba Inu is trading at $0.00000749.
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