Shiba Inu, one of the most popular cryptocurrencies, continues to make headlines this week after the project saw its burn rate skyrocket. The Blaze Token project, one of the major contributors towards the token's burn rate, has burned a total of 6.7 billion SHIB tokens in just two weeks, raising the 24-hour burn rate to 23,420%.
Today marked their biggest single transaction yet, with 3 billion SHIB burned at once. Shiba Inu has been pushing for its burning initiative since May 2, in order to reduce its total supply and strive for token deflation. To achieve these burns, Blaze Token charges a fee for buy and sell transactions, meaning that 40.9% of all fees are then used for Shiba Inu burns.
This comes as more token owners get enticed to join the mission of burning trillions of SHIB eventually leading to a deflation in its total supply, thus a potential increase in its value. Alongside Blaze Token, other projects such as ShibNow, ShibaStake, and BurnDown are also actively participating in the burning of the native cryptocurrency in an effort to reduce its already massive supply.
Shiba Inu has certainly generated a lot of buzz with the burn campaign, and it is expected that the current trend will continue in the long run. As long as tokens keep being burned, it is anticipated that the burn rate will continue to rise and result in a reduced total supply of the SHIB token and consequently an increased market value for token wranglers.
Sophie Young
- 2023-05-15
Shiba Inu's Burning Initiative for Token Supply Deflation
Shiba Inu has launched a burning initiative to reduce the total token supply and increase its value, with the single-day burn rate increasing to 23,420%. Learn how projects such as Blaze Token, ShibNow, ShibaStake and BurnDown are aiding SHIB's deflation mission and its impact on token wranglers.
