- Shiba Inu Community sets ablaze over 1.84 billion SHIB, taking them permanently out of circulation this week.
- Tangem, a Swiss-based wallet producer, makes the most significant burn, transferring 342.56 million SHIB to the dead wallet.
SHIB’s Blaze of Glory: Behind the Burn
In the intricate world of blockchain and crypto tokens, the act of “burning” can often puzzle many. In essence, token burning refers to the act of sending a certain quantity of tokens to an irretrievable or “dead” wallet. By doing this, these tokens are permanently removed from circulation, which can affect a token’s supply and demand dynamics.
This past week witnessed a profound display of commitment by the Shiba Inu community as it took upon itself to reduce the SHIB token’s supply. The numbers are staggering: a total of 1,840,593,165 SHIB tokens, equivalent to about $15,573, have been sent to oblivion. These tokens were systematically burned via 255 separate transactions in the previous seven days.
— Shibburn (@shibburn) August 20, 2023
Tangem Leads the Charge
The past week’s highlight undoubtedly belonged to Tangem. On August 14, this Swiss hardware wallet manufacturer sent 342,561,867 SHIB tokens directly to a dead wallet. This action was not random. Instead, it was a conscious move by the Shiba Inu team, pledging to eliminate 5% of SHIB tokens equivalent to the total wallet sales by Tangem. This collaborative effort underscores the strategic token burn methods employed by organizations to maintain the token’s economic model. To give context, Tangem had sold over 1,007 of its exclusive SHIB hardware wallets to fervent SHIB aficionados in recent months.
The Burn Continues
Even as the week progressed, the burn did not show signs of waning. In the last 24 hours, the Shiba Inu token supply experienced a further reduction, with the community obliterating another 106.30 million SHIB through 23 unique transactions. A notable contribution came from MARSWAP, a community-centric token, which incinerated 80.47 million SHIB across a dozen transactions. Concurrently, the Blaze token also chipped in, reducing the SHIB count by 22.57 million in a singular move.
As the Shiba Inu community persists in its token burn endeavor, these strategic reductions not only exhibit the community’s dedication but also hint at the evolving dynamics of the SHIB tokenomics in the crypto ecosystem.