Bittime - According to wallet tracker Shibburn, in the last 24 hours there was a large amount of SHIB token burning. This burning makes SHIB's burn rateincrease drastically!
This sharp increase occurred after the Shiba Inu team carried out the first network upgrade (hard fork) on Shibarium, their second layer blockchain.
Burning Increases Rapidly!
Source: Sibburn
Data shows that in the last 24 hours, the SHIB burn rate rose to 720.08%. This extraordinary increase appears to be influenced by one large transaction.
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Overall, the SHIB community has sent 26,352,008 SHIB to unusable blockchain wallets. The largest transaction occurred about 12 hours ago, namely the transfer of 14,943,135 SHIB to a dead wallet.
The secret of Ryoshi's Great Burning is revealed!
Lucie, the Shiba Inu team's marketing expert, recently reminded the community of their important steps. This was done by the mysterious SHIB founder, Ryoshi, regarding coin burning.
Also read: Shiba Inu Shiba Inu Announces Shibarium Hard Fork Occurring on May 2
Lucie responded to a tweet from an X platform user tagging Shytoshi Kusama, asking about the team's continued burning of SHIB. Lucie explained that it was user activity on Shibarium that allowed the developer to burn SHIB coins.
Lucie stated that Ryoshi had burned his own access to the SHIB supply, so he couldn't just send as many SHIB coins as he wanted.
According to Lucie, the mysterious founder wanted to convey that "to be burned, coins must be purchased first." Lucie then explained to user X, "To carry out burning, income is needed to facilitate the process."
Also Read How to Buy Crypto:
Shibarium Performs Hard Fork!
According to the latest tweet from the Shiba Inu account, the SHIB team has completed the hard fork on the Shibarium blockchain. This network upgrade promises much faster transactions than before, as well as “predictable gas fees for everyone.”
A hard fork is a fork of an existing blockchain in two. The old blockchain will be left behind and the new one will continue to run. This increase is permanent and cannot be reversed.
Also read: SHIB Price Soars 128% in 7 Days: How to Predict SHIB Price?
What is Token Burning?
In the crypto world, token burning is a process where a certain number of tokens are permanently removed from circulation. This is done by sending the token to a special address, which is often referred to as a "burn" or "eater" address.
This address is designed to only accept cryptocurrency and cannot return private keys. This makes assets sent to that address unable to be accessed, spent, or sent to another address.
In other words, burning this token is like destroying the coins sent to the wallet, so that they disappear from circulation.
Why is Token Burning Done?
Token burning is usually done to influence the price of the token. By reducing the number of tokens in circulation, this could theoretically increase scarcity and push the price of the token up.
Apart from that, burning tokens can also be used for various other purposes, such as:
Improve Utility
Token burning can be done to increase the usability of tokens by reducing the number of tokens needed to carry out certain transactions on the blockchain network.
Deflation
Token burning can create a deflationary effect, where the number of tokens in circulation continues to decrease. Deflation is expected to make the token value more stable.
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Is Token Burning Always Effective?
The effectiveness of a token burn depends on various factors, such as the number of tokens burned, the total initial supply, and the overall demand for those tokens. Burning small amounts of tokens will probably not have a significant impact on the price.
However, token burning done strategically and combined with strong fundamental factors can be an effective strategy to influence token prices in the long term.
How to Buy Shiba Inu (SHIB) on Bittime
You can buy and sell Shiba Inu (SHIB) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/USDT. To be able to buy SHIB IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime.
Monitor price chart movements of Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Reasons why Shiba Inu dominates the Indian market
Dogecoin Vs Shiba Inu: Catching Each Other's Eyes
Shiba Inu, Ethereum, and Cardano: Shaky But Potential
FLOKI Soars 212%, Will It Displace Shiba Inu?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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