- Newly-emerged SHIB 1 Cent Dream project burns 100M SHIB on a live X broadcast.
- SHIB’s daily burn count gets a boost of 591%, counting 102M SHIB blazed in a day.
- SHIB sits at a remaining supply of 589,273,103,517,425 with a 13.6% price drop.
The vast and vibrant community behind Shiba Inu (SHIB) is taking it upon themselves to boost the token’s burning rate. Most recently, prominent SHIB Army member Casey Stubbs took to X Spaces to burn 100 million tokens.
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The initial burn done on a live broadcast comes as the first installment of Shiba Inu’s 1 cent dream initiative. Alongside the 100 million coins torched live on X, the new SHIB burning campaign has pooled another 550M SHIB tokens in the SHIB/CENT pair on Shibarium Layer-2.
The Shiba Inu community-led 1 Cent project aims to drastically speed up the manual burning process. “We start with millions, we work hard to burn billions, our goal is to burn trillions🔥,” vows Stubbs, who incinerated a whopping 100M in a live broadcast minutes after midnight on July 14, 2024.
Shibburn Sizzles with 591% Upswing in Daily Burns
As the general crypto markets continue to face volatile price movements this week, SHIB wasn’t spared from the bearish market conditions. SHIB slid further by 13.6% over the latest seven-day period.
With two consecutive weeks in the red after claiming a monthly peak at $0.00002165 on May 29, 2024, SHIB now braces for additional sell pressure. The sideways crypto market movement has accounted for $6.26M in SHIB tokens sold over the past 24 hours.
Uncertain market conditions have put SHIB custodians on alert, and communal efforts to reduce supply are representative of the triple-digit hike in daily burns. According to the Shibburn tracker, 102,159,899 SHIB tokens have been blazed over the past 24 hours, putting the weekly burn count at 368,451,651.
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The daily uptick of 591% is mostly thanks to five Shiba Inu custodians, who have collectively sent 102M to on-chain burning addresses. The biggest contribution came from Shiba Inu’s 1 Cent Dream initiative with exactly 100M burnt in one go.
On the Flipside
- Shiba Inu’s developing team has started upgrading towards SHIB auto burn, which is set to burn a certain amount of SHIB coins on every transaction on Shibarium Layer-2.
- Though the SHIB auto-burn mechanism is deployed on Shibarium’s testnet, it is yet unknown when automatic SHIB burns will become available on Shibarium’s mainnet.
Why This Matters
Cryptocurrency-burning initiatives showcase strong community fundamentals and help maintain the coin’s long-term value by inducing scarcity.
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