Central banks use asset burning as one of their methods of currency management. Chief developer Shytoshi Kusama has stated that burning of SHIB tokens would be released shortly. According to another tweet, a total of 17,081,193 $SHIB tokens were burnt in 10 transactions. And a total of 313,244,633 $SHIB tokens were burnt in the last week, with 77 transactions. Burning cryptocurrency is a regular practice when the quantity of tokens is lowered to increase their value.
The tokens are sent to wallet addresses whose sole function is to receive the money throughout the burning process. As a result, the wallet is no longer connected to the network, and tokens are no longer available to all accounts.
According to Coinmarketcap statistics, Shiba Inu was trading at USD 0.000029 at 10:28 p.m. ET on Sunday, up about 27 percent in the previous 24 hours. The purpose of removing an asset is to boost the buying power of the currency. Burning cryptocurrency has two sides: it might be good or it can backfire. Investor, user emotions and fresh supply and demand dynamics impact pricing, are all elements that might influence the outcome.
Will $SHIB make us wealthy? What are your thoughts? Leave a comment below.