The Shiba Inu community on reddit awakened to bad news today. The hope to get the popular meme token rate to $0.01 in value is much dependent on the destruction of billions of tokens. The last 24 hours however has seen the SHIB burn rate down over 82%.
Why such a steep fall is not clear. However, it may just be because people are busy during the recently started 2022 Christmas Holiday season. In many parts of the world, December 6th is the official start of the gift-giving period.
Also, the 24 hour rate is compared against the prior day. 25M is a bit higher than usual.
Today however, the SHIB burn has started off strong. Nearly 10-Million tokens have already been burned as of 10:30 AM eastern time. This is double the rate of yesterday, December 6th already.
Can You Burn Shiba Inu Tokens Permanently?
There is a problem with this burn beyond yesterday’s drop however. Shiba Inu cryptocurrency cannot be burned permanently as of now. The permanent destruction of the cryptocoin is impossible for now.
What users are doing currently, being called SHIB Burn, is actually just putting the token out of circulation. Billions of tokens are being sent to a crypto wallet that’s supposedly inaccessible to anyone. Therefore the tokens will never be used again.
This does not burn part of the transaction fee of the network like Ethereum.
This isn’t bad however as the Shib Burn does slow down inflation of the digital meme coin.
SHIB Burn Groups
Various teams of people from across the world are helping with the goal of burning to get the SHIB token to $0.01 (1¢). Music artists from Country to Rap are offering to use streaming revenues as money for the cause.
According to one report, artists promote a song to the ShibArmy. If the group accepts the challenge of listening to it relentlessly, money gained off that song from streaming services like Spotify are used to buy SHIB coins, solely to burn.
The Shiba Inu (SHIB) cryptocurrency has a total market cap of $5.3-billion today. Trading volume in the last 24 hours was nearly US$138-million.
The price of SHIB is down 2.5%, currently valued at $0.00000912.
The recent dip in the SHIB Burn is nothing to worry about. The launch of Shibarium is much more important. And it’s not clear of the official ‘burning mechanism,’ a senior developer for Shiba Inu spoke on earlier will release this year.