The Shiba Inu (SHIB) community has successfully burned over 12 million tokens, increasing the burn rate by 300%. Concurrently, a rival token, FLOKI, also saw an uptick in daily token burns. This community-led initiative removed 12,435,582 SHIB tokens from circulation, reducing the total count to 581 trillion.
According to data from Etherscan, a single address was used for the burn. This address is one of three designated by the community for removing tokens from circulation. To date, approximately half of SHIB’s one quadrillion supply has been permanently eliminated through burns.
Token burns are a fundamental strategy for increasing the value of the cryptocurrency and the project. Ethereum co-founder Vitalik Buterin had burned 90% of the SHIB tokens sent to his wallet after its launch, removing about 405 trillion tokens from circulation, which subsequently increased SHIB’s price by 40%.
Shytoshi Kusama, a leading developer in the crypto space, highlighted the significance of burns for the project’s ecosystem development. He emphasized the importance of global adoption for effective burns and the need for a decentralized network to promote continuous worldwide acceptance of SHIB.
The community has been working on various upgrades to boost adoption, including a partnership with D3 Global to establish a decentralized identity foundation, allowing owners to have a website and email address ending with “.shib”. Meanwhile, FLOKI, a major competitor of SHIB, also experienced an increase in token burns, with a staggering 600% burn rate, although its price did not rise in the last 24 hours.