{"id":522694,"date":"2023-03-12T04:00:41","date_gmt":"2023-03-12T04:00:41","guid":{"rendered":"https:\/\/wncen.com\/?p=522694"},"modified":"2024-06-11T07:03:22","modified_gmt":"2024-06-11T07:03:22","slug":"shiba-inu-continues-to-reduce-token-supply-removes-490-million-shib-in-one-day","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-continues-to-reduce-token-supply-removes-490-million-shib-in-one-day\/","title":{"rendered":"Shiba Inu Continues To Reduce Token Supply, Removes 490 Million SHIB In One Day"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Shiba Inu is among the tokens that use a burning mechanism. It has continually burnt millions of SHIBs to balance its demand and supply, sometimes pushing the price slightly. The network removed 490 million SHIBs in one day in this latest burn.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-btcusd-timing-tool-buy\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Bitcoin Timing Tool Says This Might Be The Dip Worth Buying<\/a><\/div>\n<p><span style=\"font-weight: 400\">One of the ways of improving token value is by reducing its supply. The crypto industry uses the burning mechanism to execute the process. This mechanism enables tokens with uncapped supply to reduce the circulating amount in the market, thereby preventing over-saturation and price crashes.\u00a0<\/span><\/p>\n<h2><b>490 Million Shiba Inu Tokens Removed From The Market\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400\">In the latest report by <a href=\"https:\/\/twitter.com\/shibburn\/status\/30146817?\" target=\"_blank\" rel=\"noopener nofollow\">Shibburn.com<\/a>, Shib developers removed 489,895,235 permanently from circulation. The SHIB burn tracker disclosed that the burning occurred in 24 hours through eight separate transactions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Among the eight transactions, a &#8220;Shib Inu: Deployer2&#8221; wallet burnt the highest number by sending 485,682,280 SHIB to the Shiba Inu burn address in a single transaction.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably, the total Shiba Inu burn rate decreased by 71.28% from the previous day&#8217;s burn. According to the burn tracker, the previous day&#8217;s transactions involved 58 transfers to the burn wallet, destroying <\/span><span style=\"font-weight: 400\">2,204,313,475 SHIB tokens.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Due to the address that burned the massive number of tokens, the community has linked it to the upcoming Shibarium Public Beta. Notably, the address is a SHIB contract deployer.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">But while the burn continues, some notable SHIB token purchases confirm the interest in the Shibarium release. Top whales, including &#8220;BlueWhale0073&#8221; and others, have accumulated almost 215 billion tokens in 10 days. The report disclosed that these Ethereum investors consider SHIB&#8217;s price at <\/span><span style=\"font-weight: 400\">$0.00001034 the best time to accumulate the tokens.<\/span><\/p>\n<figure id=\"attachment_522695\" aria-describedby=\"caption-attachment-522695\" style=\"width: 860px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-522695 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/SHIBUSDT_2023-03-11_19-30-55.png?resize=860%2C501\" alt=\"Shiba Inu Continues to Reduce Token Supply, Removes 490M SHIB in One Day\" width=\"860\" height=\"501\"><figcaption id=\"caption-attachment-522695\" class=\"wp-caption-text\">SHIB trends sideways on the chart l SHIBUSDT on Tradingview.com<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">BlueWhale0073 alone purchased a whopping 215,815,570 539 SHIBs worth $2,209,951 from an unidentified address that paid $33.46 in nominal fees.\u00a0<\/span><\/p>\n<h2><b>Shibarium And The Latest Updates<\/b><\/h2>\n<p><span style=\"font-weight: 400\">The Shibarium launch has created an unending buzz in the crypto community. Shiba Inu community anticipates <\/span><a href=\"https:\/\/bitcoinist.com\/will-shibarium-benefit-shiba-inu-shib-whales-tilting-more-towards-renq-finance-renq\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">several benefits<\/span><\/a><span style=\"font-weight: 400\"> from the new project. The project aims to become a decentralized hub for SHIB holders to trade the tokens and earn rewards without centralized exchanges.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Moreover, the platform promises fast, low-cost transactions on SHIB and other tokens. It also aims to correct the issues such as high fees and slow transaction speeds that permeate other DEXs, thereby ensuring a seamless trading experience.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/pancakeswap-tvl-drops-12-did-this-exchange-received-a-lethal-blow\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">PancakeSwap TVL Drops 12%, Did This Exchange Received A Lethal Blow?<\/a><\/div>\n<p><span style=\"font-weight: 400\">Most importantly, the new project should increase the SHIB token value as it will create new use cases. Notably, the demand will spike as its utility increases, potentially boosting the price. <\/span><span style=\"font-weight: 400\">The team has <\/span><a href=\"https:\/\/twitter.com\/ShibariumNet\/status\/19991041?cxt=HHwWgsC9odWQrKotAAAA\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">announced<\/span><\/a><span style=\"font-weight: 400\"> that the public beta will go live this week, and the community gladly awaits D-Day.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The project is already increasing Shiba Inu adoption as many firms are integrating it for payments. Xeni, a travel booking platform, and BitPay have <\/span><a href=\"https:\/\/thepaypers.com\/cryptocurrencies\/xeni-partners-bitpay-to-enable-crypto-payments-in-travel--1261716\" rel=\"nofollow\"><span style=\"font-weight: 400\">partnered<\/span><\/a><span style=\"font-weight: 400\"> and will use SHIB and other cryptos as payment. Also, NOWNodes, a blockchain node infrastructure provider, <\/span><a href=\"https:\/\/twitter.com\/NOWNodes\/status\/36301824?\" rel=\"nofollow\"><span style=\"font-weight: 400\">announced its plans<\/span><\/a><span style=\"font-weight: 400\"> to integrate Shibarium.\u00a0<\/span><\/p>\n<p><em>Featured image from Pixabay and chart from TradingView.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shiba Inu is among the tokens that use a burning mechanism. It has continually burnt millions of SHIBs to balance its demand and supply, sometimes pushing the price slightly. The network removed 490 million SHIBs in one day in this latest burn. Related Reading: Bitcoin Timing Tool Says This Might Be The Dip Worth Buying One of the ways of improving token value is by reducing its supply. The crypto industry uses the burning mechanism to execute the process. This mechanism enables tokens with uncapped supply to reduce the circulating amount in the market, thereby preventing over-saturation and price crashes.\u00a0 490 Million Shiba Inu Tokens Removed From The Market\u00a0 In the latest report by Shibburn.com, Shib developers removed 489,895,235 permanently from circulation. The SHIB burn tracker disclosed that the burning occurred in 24 hours through eight separate transactions.\u00a0 Among the eight transactions, a &#8220;Shib Inu: Deployer2&#8221; wallet burnt the highest number by sending 485,682,280 SHIB to the Shiba Inu burn address in a single transaction.\u00a0\u00a0 Notably, the total Shiba Inu burn rate decreased by 71.28% from the previous day&#8217;s burn. According to the burn tracker, the previous day&#8217;s transactions involved 58 transfers to the burn wallet, destroying 2,204,313,475 SHIB tokens.\u00a0 Due to the address that burned the massive number of tokens, the community has linked it to the upcoming Shibarium Public Beta. Notably, the address is a SHIB contract deployer.\u00a0 But while the burn continues, some notable SHIB token purchases confirm the interest in the Shibarium release. Top whales, including &#8220;BlueWhale0073&#8221; and others, have accumulated almost 215 billion tokens in 10 days. The report disclosed that these Ethereum investors consider SHIB&#8217;s price at $0.00001034 the best time to accumulate the tokens. BlueWhale0073 alone purchased a whopping 215,815,570 539 SHIBs worth $2,209,951 from an unidentified address that paid $33.46 in nominal fees.\u00a0 Shibarium And The Latest Updates The Shibarium launch has created an unending buzz in the crypto community. Shiba Inu community anticipates several benefits from the new project. The project aims to become a decentralized hub for SHIB holders to trade the tokens and earn rewards without centralized exchanges.\u00a0 Moreover, the platform promises fast, low-cost transactions on SHIB and other tokens. It also aims to correct the issues such as high fees and slow transaction speeds that permeate other DEXs, thereby ensuring a seamless trading experience. Related Reading: PancakeSwap TVL Drops 12%, Did This Exchange Received A Lethal Blow? Most importantly, the new project should increase the SHIB token value as it will create new use cases. Notably, the demand will spike as its utility increases, potentially boosting the price. The team has announced that the public beta will go live this week, and the community gladly awaits D-Day.\u00a0 The project is already increasing Shiba Inu adoption as many firms are integrating it for payments. Xeni, a travel booking platform, and BitPay have partnered and will use SHIB and other cryptos as payment. Also, NOWNodes, a blockchain node infrastructure provider, announced its plans to integrate Shibarium.\u00a0 Featured image from Pixabay and chart from TradingView.com<\/p>\n","protected":false},"author":584,"featured_media":520737,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[6664,83667,84558,14781],"class_list":["post-522694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-crypto","tag-shiba-inu","tag-shibusdt","tag-whales"],"acf":[],"yoast_head":"\n<title>Shiba Inu Continues To Reduce Token Supply, Removes 490 Million SHIB In One Day<\/title>\n<meta name=\"description\" content=\"Shiba Inu is among the tokens that use a burning mechanism. 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It has continually burnt millions of SHIBs to balance its demand and supply, sometimes pushing\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-continues-to-reduce-token-supply-removes-490-million-shib-in-one-day\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-12T04:00:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T07:03:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/shiba-inu-g800736d0f_1280.jpg?fit=1280%2C853\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Eli Dambel\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@EliDambel\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Eli Dambel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-continues-to-reduce-token-supply-removes-490-million-shib-in-one-day\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-continues-to-reduce-token-supply-removes-490-million-shib-in-one-day\/\"},\"author\":{\"name\":\"Eli Dambel\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/ed5f8ad4afe473ff1872d0d2b59de944\"},\"headline\":\"Shiba Inu Continues To Reduce Token Supply, Removes 490 Million SHIB In One Day\",\"datePublished\":\"2023-03-12T04:00:41+00:00\",\"dateModified\":\"2024-06-11T07:03:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-continues-to-reduce-token-supply-removes-490-million-shib-in-one-day\/\"},\"wordCount\":524,\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-continues-to-reduce-token-supply-removes-490-million-shib-in-one-day\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/shiba-inu-g800736d0f_1280.jpg?fit=1280%2C853\",\"keywords\":[\"crypto\",\"Shiba Inu\",\"SHIBUSDT\",\"whales\"],\"articleSection\":[\"Shiba Inu Coin\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/wncen.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-continues-to-reduce-token-supply-removes-490-million-shib-in-one-day\/\",\"url\":\"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-continues-to-reduce-token-supply-removes-490-million-shib-in-one-day\/\",\"name\":\"Shiba Inu Continues To Reduce Token Supply, Removes 490 Million SHIB In One Day\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-continues-to-reduce-token-supply-removes-490-million-shib-in-one-day\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-continues-to-reduce-token-supply-removes-490-million-shib-in-one-day\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/shiba-inu-g800736d0f_1280.jpg?fit=1280%2C853\",\"datePublished\":\"2023-03-12T04:00:41+00:00\",\"dateModified\":\"2024-06-11T07:03:22+00:00\",\"description\":\"Shiba Inu is among the tokens that use a burning mechanism. 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Currently, he writes about various asset classes, including Crypto and Stocks. Eli has been writing crypto oriented content for almost 6 years now and he is a hard core believer in Blockchain and is confident that it can reform the traditional financial system. He also thinks Bitcoin will become universal currency in the near future. You can follow Eli on Twitter: @EliDambel\",\"sameAs\":[\"https:\/\/x.com\/EliDambel\"],\"url\":\"https:\/\/wncen.com\/author\/elidambell\/\"}]}<\/script>\n","yoast_head_json":{"title":"Shiba Inu Continues To Reduce Token Supply, Removes 490 Million SHIB In One Day","description":"Shiba Inu is among the tokens that use a burning mechanism. 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