- Shibburn seeks to trace the burns sent from contracts with renounced ownership.
- SHIB’s Burn rate dramatically drops by 99%, with just two transactions in 24 hours.
- The Shibburn portal recommends burning SHIB tokens only via verified dead wallets.
The admin of the Shibburn burning portal recently took to Twitter to advise the Shiba Inu (SHIB) community on how to burn their beloved memecoin. According to Shibburn, it’s hard to keep track of all the Shiba Inu tokens set ablaze, as some of the burned crypto was sent to the $SHIB smart contract address and is deemed as ‘unrecoverable’ rather than ‘burned.’
Ultimately, the total amount of SHIB coins sent to the $SHIB smart contract is 237,970,848,115, totaling $2.6 million. The year 2022 saw 83,347,071,504 tokens set aflame, plus another 17,150,817,835 tokens unaccounted for.
Shibburn Shares Tips to Establish Direction
To solve this issue, representatives of the Shibburn portal ask the SHIB Army to email them any possible information about a smart contract that has been renounced with ownership set to a null address. The Shibburn team will verify these transactions, as most of these lost Shib tokens can be trapped simply because of forgotten keyphrases, but that would be hard to prove.
On top of that, a recent calculation by the community reveals the need for 111 trillion burnt a year. The harsh reality is that the SHIB Army made only two transactions toward the goal in the last 24 hours. While one transaction included 50,000 SHIB tokens sent to the bottomless pit, the other burnt just one token, a far cry from the recommended burning speed.
On the Flipside
- The Shiba Inu (SHIB) burning mechanisms are not automated, even though the developer team plans to introduce an auto-burning function with the SB Visa Card and Shibarium mainnet.
Why You Should Care
The burning strategy has proved somewhat effective, as around half of the initial meme token supply has already been burned, helping maintain the canine token’s market value throughout the two years of existence.
The current burning rate of Shiba Inu (SHIB) tokens is 35508.50%, with around 17 million tokens burned yesterday. However, the burning rate of Shiba Inu changes on a daily basis.
Burning Shiba Inu tokens removes the burned amount from circulation. Ultimately, reduced supply for SHIB means increased demand.
Shiba Inu (SHIB) token burning activities help maintain the memecoin’s market price.
Daily burns for SHIB are usually in the tens of millions, however, the amount can drastically differ day by day.
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