THE Shiba Inu SHIB/USD The community has witnessed a 300% increase in token burns in the last 24 hours. However, the SHIB Army, a group of SHIB enthusiasts, advocates for even more severe burns.
What happened: A recent article on Shibburn’s X, a well-known coin wallet tracker, reveals that the SHIB community transferred a significant amount of tokens to dead-end wallets over the past day.
A SHIB-themed account also launched a poll, urging the SHIB team to increase burns, potentially eliminating 30-90% of the SHIB supply in the near future.
Data shows that the SHIB burn rate has seen a dramatic increase of over 300% in the last 24 hours, due to the burning of 24,609,003 Shiba Inu coins. The two largest burn transfers sent 17,220,462 SHIB and 4,635,583 SHIB to unusable blockchain addresses, contributing to the high burn rate increase.
Over the past week, the SHIB community has managed to clear daily SHIB burns approximately four times, totaling 89,141,480 Shiba Inu coins. This resulted in a 60.82% increase in the ultimate weekly burn rate.
Read also: 2,133% Shiba Inu Burn Rate Increase Followed by 10% Price Hike: What’s Happening?
Despite these burns, there are still 584,187,080,732,459 SHIBs in circulation and 5,069,933,926,697 SHIBs staked, according to the Shibburn website.
However, the SHIB team, represented by its marketing manager Lucie and lead developer Shytoshi Kusama, stated that it does not control the circulating SHIB supply and therefore cannot accelerate the burn in any way.
The only way to increase burns, they said, is to improve the Shibarium’s utility so that more SHIBs are destroyed with BONE gas charges via the automated mechanism introduced last year.
Why it matters: The call for larger burns by the SHIB military is an important development in the SHIB community. Token burns are a common strategy used by crypto communities to reduce the circulating supply of a token, potentially increasing its value.
The SHIB team’s response indicates that they are focused on improving the utility of Shibarium, which could lead to more SHIB being destroyed via BONE gas fees. This could potentially impact the value of SHIB in the future.
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