Shiba Inu Community Burns 1.84 Billion SHIB Tokens in Past Week
In an impressive display of commitment to its tokenomics, the Shiba Inu Community has successfully burned over 1.84 billion SHIB tokens in the last week, contributing to a significant reduction in its circulating supply. The burn event represents a notable decline of -38.76% in the burn rate when compared to the previous week.
In the last 7 days, there have been a total of 1,840,593,165 $SHIB tokens burned and 255 transactions. #shib pic.twitter.com/6r179JulIu
— Shibburn (@shibburn) August 20, 2023
The key highlight of this burning spree occurred on August 14, when Swiss-based hardware wallet manufacturer Tangem executed a monumental transaction. Tangem, known for its cutting-edge hardware wallet solutions, transferred 342.56 million SHIB tokens to a dead wallet, effectively removing them from circulation.
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This strategic action by Tangem is a direct result of the Shiba Inu team’s commitment to a burn schedule. The team has pledged to eliminate SHIB tokens equivalent to 5% of the cumulative wallet amount generated from the sales of Tangem wallets. The Swiss company had previously distributed 1,007 SHIB hardware wallets to enthusiasts, a gesture that has now resulted in a substantial reduction in the token’s circulating supply.
Fresh data sourced from Shibburn.com underscores the community’s dedication to token burning. In the past 24 hours alone, the community has permanently removed an additional 106.30 million SHIB tokens from circulation. These tokens were eradicated through a series of twenty-three separate transactions, further tightening the overall supply.
It’s worth noting that community-driven projects have played a significant role in this token-burning effort. One standout example is MARSWAP, a project that has made a remarkable impact by burning 80.47 million SHIB tokens in a series of twelve transactions within a single day. This proactive approach to reducing supply not only showcases the project’s commitment to its ecosystem but also contributes to the overall deflationary dynamics of SHIB.
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Another noteworthy contribution came from the Blaze token, which executed a single transaction destroying 22.57 million SHIB tokens. Such calculated burns not only boost the token’s scarcity but also reinforce the commitment of various projects to bolster the value and sustainability of the Shiba Inu ecosystem.
In summary, the Shiba Inu Community’s recent efforts to burn a significant amount of SHIB tokens reflect a dedication to maintaining a healthy tokenomics structure. The involvement of projects like MARSWAP and Blaze in the burning process adds a collaborative dimension to this endeavour. As the community continues to remove tokens from circulation strategically, the outlook for Shiba Inu remains intriguing, with potential implications for its long-term value and market dynamics.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
