{"id":27719,"date":"2022-05-23T12:25:05","date_gmt":"2022-05-23T16:25:05","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=27719"},"modified":"2024-04-22T10:49:27","modified_gmt":"2024-04-22T14:49:27","slug":"do-these-shib-tokens-burn-mean-a-recovery-for-shiba-inu","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/do-these-shib-tokens-burn-mean-a-recovery-for-shiba-inu\/","title":{"rendered":"Do These SHIB Tokens Burn Mean Recovery For Shiba Inu?\u00a0"},"content":{"rendered":"\n
A shib burn tracker has disclosed that over 22.2 billion SHIB tokens <\/a>worth $667 million were burnt across 497 transactions.<\/h5>\n\n\n\n
\"Do<\/figure><\/div>\n\n\n\n

In April, Shiba Inu's developers teamed up with Ryoshi Vision to launch Shiburn, a burning mechanism\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>. This mechanism rewards community members who use the ShibaSwap exchange platform to burn the protocol's native SHIB tokens.<\/p>\n\n\n\n

A novel SHIB token burning mechanism has been developed<\/strong><\/h3>\n\n\n\n

Over the last 24 hours, the burn rate has been 43.73%, totaling 410,364,582,740,177.  Shib tokens have been burn<\/a>t since the initial token supply as of the time of writing.<\/p>\n\n\n\n

Cryptocurrency is burnt by sending a portion of the existing supply to a ‘burn address' or ‘zero address,' which is a ‘dead wallet' thereby removing it from circulation. The private key of these wallets is not accessible to anyone, so crypto tokens sent to this address cannot be retrieved.<\/p>\n\n\n\n

Recently, Terraform labs proposed  to burn nearly 1 billion UST (roughly $690 million) in the community pool while increasing the Base Pool of LUNA available to 100 million, which in turn increases minting capacity to over $1 billion. <\/em><\/p><\/blockquote>\n\n\n\n

This will hasten the outflows of UST from the system, bringing it closer to its peg while lowering the price of LUNA. Burning tokens is akin to a company buying back its shares. In this way, the company “returns the value” to its shareholders. To achieve the same goal, crypto projects burn their tokens.<\/p>\n\n\n\n

Shiba Inu (SHIB) lost over 60% of its value, price dips<\/strong><\/h3>\n\n\n\n

Following the ongoing market collapse, the second-largest memecoin in the world witnessed a huge dip<\/a> in May. The meme token lost more than 60% of its value in the first week of May.<\/p>\n\n\n\n

The indicators point to a rough short-term future for SHIB, with the price expected to retest $0.000017 before bouncing.<\/p>\n\n\n\n

Meanwhile, Shib's daily relative strength index (RSI) has fallen below 30, indicating that the stock is oversold that further catalyzes a short-term rebound. Shib's returns have been 50% below zero this year, making it one of the worst performances by top-performing cryptocurrencies in 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"

A shib burn tracker has disclosed that over 22.2 billion SHIB tokens worth $667 million were burnt across 497 transactions. In April, Shiba Inu’s developers teamed up with Ryoshi Vision to launch Shiburn, a burning mechanism . This mechanism rewards community members who use the ShibaSwap exchange platform to burn the protocol’s native SHIB tokens. […]<\/p>\n","protected":false},"author":32,"featured_media":27729,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81],"tags":[645],"class_list":["post-27719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-news","tag-shiba-inu"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/shiburn.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/27719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=27719"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/27719\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/27729"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=27719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=27719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=27719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}