SHIB Burn Rate Soars 300% with Community Pushing for More

user avatar

by Giorgi Kostiuk

2 years ago

In the past 24 hours, the SHIB community significantly increased the burn rate of the currency, raising the issue of the need for more substantial circulation reduction.

SHIB Burns Surge

According to a report by Shibburn, the SHIB burn rate saw a 300% increase in the last 24 hours, with over 24 million SHIB burned. The two largest transfers sent 17 million and 4 million SHIB to unspendable addresses. Over the last week, the community managed to burn more than 89 million SHIB, marking a 60.82% increase.

Community Burn Poll

The SHIB community is actively discussing increasing the burn rate. A SHIB-themed account launched a poll for users to vote on burning 30% or 90% of the current supply. However, SHIB team members, including marketing lead Lucie and main developer Shytoshi Kusama, stated that they cannot control the circulation or expedite burns. The only way to decrease SHIB supply is to increase the utility of Shibarium, allowing BONE gas fees to burn tokens automatically.

The SHIB community's efforts have resulted in a significant increase in burned tokens, but the demand for a considerably larger reduction remains unresolved. Realization of this proposal requires active engagement with the Shibarium ecosystem.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Hut 8 Wins Bid for Poolin's Texas Datacenter Sites

Hut 8 has successfully bid $140 million for two datacenter sites owned by the bankrupt mining company Poolin.

user avatarLucas Weissmann

Senate Banking Committee Democrats Request Hearing on Prediction Markets

Democratic members of the Senate Banking Committee request a public hearing to examine the growing issue of prediction markets and their regulatory implications.

user avatarFilippo Romano

Crypto Economic Activity Remains Strong Despite Market Downturn

Crypto economic activity has shown resilience despite a significant drop in market capitalization, indicating a shift in market dynamics.

user avatarEmily Carter

Visa's Research Highlights Trust as a Barrier to Stablecoin Adoption

Visa's research highlights that trust and fraud protection are essential for stablecoin adoption, with 36% of US respondents considering their use, especially with bank-level protections.

user avatarTomas Novak

Cardano's Onchain Governance Approves New Treasury Allocations

Cardano's governance system has approved a new round of treasury allocations aimed at infrastructure and ecosystem development.

user avatarKaterina Papadopoulou

Galaxy Invests $100 Million in Onchain Credit Infrastructure

Galaxy has invested $100 million in Sky Protocol's yield-bearing sUSDS, integrating it into its corporate treasury and allowing it as collateral for institutional trading.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.