Shiba Inu token burning saw a surprising surge, surpassing 32,6 million SHIB tokens in the past 24 hours.
According to data from the Shibburn portal, the burning of Shiba Inu (SHIB) tokens has reached surprising figures this week.
In the past 24 hours, over 32,6 million SHIB have been burned, representing an increase of over 500% in the token burning rate compared to previous days.
This notable increase in SHIB burning is an indicator of activity within the Shiba Inu community, and highlights the effectiveness of the new burning mechanism implemented on the Shibarium network. The platform, which allows for the creation of decentralized applications (dApps), has activated a system that burns 70% of all base transaction fees, a change that could have a significant impact on the circulating supply of SHIB.
Importance of token burning for Shiba Inu
Token burning is a crucial process for several cryptocurrency projects, especially for those like Shiba Inu, which have a fairly high maximum supply. According to data from the Shibburn portal, the maximum supply of SHIB tokens is 999,98 billion units, which is quite impressive.
However, by removing tokens from circulation, this maximum token supply is reduced, which can potentially help the value of the remaining tokens increase. In the case of SHIB, the burning of over 32 million tokens in a single day, and the 410,72 billion tokens already burned to date, represents a significant step towards creating a healthier economic environment for the memecoin.
Source: shibburn
As reported by this outlet, Shiba Inu developers have emphasized that token burning is intrinsically tied to the use of the Shibarium network. This means that the more the network is used, the more tokens will be burned, creating a self-sustaining cycle that could benefit SHIB holders.
In mid-August, the developers of the Shiba Inu network also implemented a new burning mechanism, called ShibTorch, with which they not only seek to reduce the supply, but also increase the use and demand of the network, which could result in a significant increase in the SHIB price long term.
ShibTorch: A new horizon for SHIB burning
Since ShibTorch was activated, the SHIB token burn rate has increased dramatically, with burn transactions of up to 25 million tokens, as seen in the data for the past 24 hours.
When announced With this new token burning portal, the developers have pledged to continue improving and updating the burning system to ensure that it remains aligned with the growth of the network. Therefore, with plans for future improvements and updates, ShibTorch could position itself as a key platform that will not only benefit users but also contribute to the appreciation of the SHIB token.
“The power to influence the supply of SHIB, and potentially its value, now rests partially in the hands of the community, fostering a greater sense of ownership and transparency within the ShibArmy,” the network developers said.
The implementation of this automated burning mechanism and the focus of the developers and community on the economic sustainability of the project could lead Shiba Inu towards a significant revaluation. At the moment, the community remains optimistic, with analysts suggesting that if the burning trend continues, the meme token could reach new highs in the near future.
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