ShibaBurn, a new hyper deflationary token, burned over 111,000,000 SHIB tokens from Shiba Inu’s circulating supply in February 2022.
The desire of the Shiba Inu community is to see the drastic reduction of SHIB circulating supply to give its price the room to surge up to $0.01. ShibaBurn aims to make this dream a reality.
Read Also: Ethereum Founder Vitalik Buterin Just Proved He’s A Big Time Shiba Inu (SHIB) Supporter
The new token, ShibaBurn, was launched on the Binance Smart Chain (BSC) Network. It’s specifically designed to drastically reduce the circulating supply of SHIB tokens.
The token reportedly has the ability to burn 10 billion SHIB on a daily basis and 1.4 trillion SHIB per month.
In the just-concluded month, the team behind the ShibaBurn token used their burn mechanism to destroy 111 million SHIB tokens by sending them to the designated dead wallets, where they will forever remain inaccessible.
How it worked: The team behind the new token collected money from the 10% BuyBack tax wallet, which they used to manually buy SHIB that was destroyed.
According to the ShibaBurn token official website, the mechanism has managed to burn 323,703,699 SHIB so far.
The official burn ambassadors of the new token are Duncan Gray, a stern Shiba Inu supporter, and the pseudonymous Shib community member, $Shib Knight.
A few days ago in a series of tweets, ShibaBurn estimated the amount of SHIB that would be burned if ShibaBurn attains $15 million daily volume.
Read Also: Shiba Inu Devs Announce Launch of DoggyDAO. Here’s Why This Is Important
It’s stated that the mechanism could help burn a whopping 1.47 trillion SHIB tokens worth around $40 million on a monthly basis.
ShibaBurn tweeted, “$15mil daily volume would equate to 1,476,154,428,450 $SHIB being sent to the dead wallet from us. That is around $40million worth a month.”
It should be noted that the ShibaBurn token is not directly related to Shiba Inu (SHIB) ecosystem. The token is only designed to help in decreasing the whooping amount of SHIB tokens in circulation, which would, in turn, aid the growth of SHIB in terms of price. The creator of the token has also chosen to remain anonymous.
Follow us on Twitter, Facebook, Telegram, and Google News
Cardano has recently witnessed a significant rise in whale activity, with the average daily volume…
Cryptocurrency market or investing in digital currencies has been one of the most interesting global…
London, 30-Apr-2024 - ExoPro.io, a trailblazer in the cryptocurrency derivatives market, is thrilled to unveil…
XRP has been displaying intriguing signals that suggest a potential moving average crossover – either…
Since its inception, Shiba Inu (SHIB), a popular dog-themed crypto asset, has been gaining attention…
The cryptocurrency sector is ever-evolving, and the six leading upcoming crypto ICOs are capturing the…