After the launch of the Dogecoin killer Shiba token, 41% of the supply has been burned.
Shiba is the second most popular crypto asset in the meme coins category after Dogecoin. The last few months (October to November) grabbed huge attention because of a huge surge in price but right now it is 40% down over the last 30 days.
The total supply of Shiba inu coins is one quadrillion tokens. 50% of the supply is locked in the smart contract at uniswap to provide liquidity. And another half was donated by the team to the Ethereum co-founder Vitalik Butterin. Vitalik donated $1 billion worth of funds to the COVID Crypto Relief Fund in India.
However, $1billion was only 10% of the Shiba tokens that Vitalik got from the team. After donation, Vitalik transferred 90% of Shiba to the inaccessible Shib address i.e 410 trillion shib tokens burned by Vitalik.
However, when Vitalik burned 410 trillion shib then at that time Shiba was in its initial phase of popularity. After the initiative of the Vitalik to burn shib, the Project team also engaged in the token burning concept.
According to stubborn, around 41.02966% of the initial supply of the Shiba inu coin burned. And this 41.02% is equal to 410,296,586,422,853 shib tokens.
According to available data, the burning of Shiba inu coins decreased month by month. However, many types of initiatives are working in this project to push the price of Shiba to the next level.
Burning the coin, a strategy
In the present time, the burning of tokens to push the coins toward high prices and pumps became common. The Crypto industry’s popular crypto exchange Binance also burned its native token Binance coin (BNB) to increase the price.
Recently, Binance Smart Chain (BSC) introduced an auto-burning protocol in the Binance network to avoid manual burning.
Earlier, the Binance exchange team was burning BNB tokens quarterly but now they don’t need to do the same, all will happen automatically.