Burns have been an essential part of the Shiba Inu [SHIB] ecosystem. The network has been sending tokens into dead wallets for the longest time. This is done to reduce the circulating supply and boost the price of the meme coin. With its current circulating supply at 589,270,536,354,484 SHIB, the network has a lot of assets to eliminate. But the question is how will Shiba Inu carry out large-scale burns?
The marketing lead for the Shiba Inu ecosystem, Lucie, highlighted in a recent update that the extensive playtime of Shiba Eternity will contribute to an increased number of SHIB burns. She predicted that when more individuals played the Web3 version of Shiba Eternity, the number of Shibarium transactions would increase.
Those playing the game will be required to start transactions within the game. This can be done by employing the BONE used as the network’s gas token. Lucie claims that starting transactions inside Shiba Eternity with BONE will add to the burning of SHIB tokens. This is so that SHIB can be burned using some of its fees, as Shibarium was intended to do.
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Current Burn Stats
At present, the burn rate of the SHIB network is dipping. It was down by 88% throughout the last 24 hours and only 460,765 tokens were destroyed. Up until now, a staggering 410,727,779,101,774 SHIB has been eliminated from the initial supply of Shiba Inu. Over 410,727,778,640,979 SHIB has been burned by Ethereum co-founder Vitalik Buterin alone.
Amidst this, Shiba Inu was trading at $0.00001646 with a dainty drop of over 0.82% throughout the last 24 hours. The meme coin seems to have had a rough couple of days similar to the rest of the market.
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