Akai Token (AKAI), a newly-emerged project, has caught the attention of the crypto community as it conducted an epic burn spree, eliminating a staggering 804 million SHIB tokens from circulation. The burn spree, initiated by Akai Token, has caused the overall burn rate to skyrocket by 8991.55% in the past 24 hours, according to data from Shibburn.com, a popular data-tracking platform.
The burn spree began precisely at 02:03:23 AM +UTC on July 10th when Akai Token sent a modest 313,739 SHIB to the dead wallet in a single transaction. However, this was just the start, as Akai Token continued conducting multiple transactions to remove millions of SHIB tokens from circulation. As of the latest update, Akai Token has successfully burned 803,965,517 (803.96 million) SHIB through 102 separate transactions.
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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
Akai token burns a whopping amount of Shiba Inu, Burn rate spikes massively
Akai Token’s burning mechanism involves implementing a 4% tax on every buy and sell transaction of its native token, AKAI. Half of this tax, equivalent to 2%, is utilized for burning SHIB tokens, while the remaining 2% is allocated for the project’s marketing activities. The intense burn activity by Akai Token has contributed to the Shiba Inu community setting fire to a total of 976,208,476 (976.20 million) SHIB tokens in the past seven days, as reported by Shibburn.com.
Despite the significant burn activity, Shiba Inu’s price has not experienced an immediate impact. As of press time, Shiba Inu is trading at $0.0000076, reflecting a 0.43% increase over the last day, with a 24-hour trading volume of $91.21 million.
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The burn spree conducted by Akai Token signifies the ongoing efforts within the Shiba Inu community to reduce the supply of SHIB tokens. Burning tokens aims to increase the scarcity and potentially drive up the value of the remaining tokens in circulation. However, the long-term impact on Shiba Inu’s price and market dynamics remains to be seen.
Investors and enthusiasts will closely monitor the developments surrounding Akai Token and its burning activities, as well as how the Shiba Inu ecosystem responds to the reduced token supply. As the crypto market continues to evolve, initiatives like these contribute to the overall maturation of token economies and highlight the innovative approaches taken by emerging projects.