As we reported on Somagnews, the team behind one of the popular meme coins, Shiba Inu (SHIB) (SHIB), has launched a burning mechanism that allows holders to burn their tokens and simultaneously receive passive income. The Shiba Inu Record Portal is a feature that allows users to send SHIB tokens to the record address. This is aimed at reducing the turnover supply, allowing users to receive passive income. Since then, billions of shiba inu have been withdrawn from circulation.
Mass arson of Shiba Inu continues
In fact, a week ago, more than 1.4 billion tokens were burned in more than 160 transactions. Arson attacks on the Shiba Inu community are still in the spotlight. The community burned almost half a billion tokens, withdrawing them from circulation. To give exact figures, the community has placed a total of 405,282,493 meme tokens from the circulating stock on dead wallets. Thus, its working stock has been further reduced. As can be seen in the graph below, the burning rate has increased by almost 100 percent. Given the potential for long-term price growth, the shiba Inu community seeks to further reduce the supply of SHIB tokens by making them scarce.
Since the launch of the recently launched SHIB burning portal, 25 billion SHIB tokens worth about 496,500 US dollars have been burned. This burning is really the user’s choice and does not reflect his desire to make SHIB a stable and valuable currency. Different dominant buyers carried the highest token for the same reason. The biggest transfer with 112.462.000 SHIB occurred a few hours ago from the address 0x28a121e4732d7cc5972b16e48590103b2574f806.
SHIB needs serious triggers
In addition, Whalestats has shown that whales are actively accumulating tokens. This has led to a wider use of the Shiba Inu smart contract, making it one of the most commonly used smart contracts among the largest Ethereum wallets. The last purchase was registered on May 7. In addition, as we mentioned earlier, more than 1.4 billion tokens were burned in more than 160 transactions a week ago.
The popular meme cryptocurrency SHIB has also managed to attract attention outside of the crypto world.For example, the luxury fashion house Gucci will soon start accepting SHIB and other cryptocurrencies in some locations in North America. However, such developments do not greatly help the “stagnation” of prices. It is quite obvious that SHIB still needs important triggers that can help price movement outside of burning events.