101 Million SHIB Burned As Shytoshi Kusama Likens Shiba Inu to Bitcoin (BTC)

Read U.TODAY on

Google News

The SHIB community continues to decrease the circulating supply of Shiba Inu meme tokens. Over the past few days, the daily burns of SHIB have been high enough – since last morning tens of millions of SHIB have been locked out of circulation.

Two-thirds of this amount was burned in a single transaction by an anonymous whale.

101 million SHIB removed, burn rate goes up

Website of the Shibburn explorer shows that the amount of SHIB burned within the past 24 hours constitutes 101,138,080 meme coins. This propelled the burn rate to 161% level. Earlier this week, on Sunday, the burn rate soared by a whopping 1,619% with an impressive 330,000,000 meme coins sent to dead-end SHIB wallets.

This biggest burn since last morning was made by an anonymous whale who transferred a staggering lump of 79,500,000 SHIB to a dead address.

Burn mechanisms were implemented to reduce the circulating supply of certain tokens in order to make them more scarce and therefore push the price upward in the long term. Aside from SHIB, BabyDoge, Floki, BNB, ETH practice regular token burns. Even those BTC coins that are stored in wallets whose owners have lost their private keys are considered to be “burned”, since these coins are out of circulation permanently.

At the time of this writing, SHIB is exchanging hands at $0.000007615, according to the data shared by the CoinMarketCap platform.

Shytoshi Kusama compares Shiba to Bitcoin

In a recent message in the official Shibarium channel on Telegram, the lead developer Shytoshi Kusama personally banned one of the users for a disrespectful message (which has by now been removed along with the user himself). Kusama referred to that message as the most disrespectful he has read in a while. He reminded everyone that Shiba Inu was made with decentralization being the major idea of it. The banned user claimed that SHIB was created by “the current developers and not by Ryoshi”.

A conclusion can be made that the banned user showed disrespect for the mysterious founder of SHIB who has been long gone from the project and the community – Ryoshi. Kusama wrote that everybody respects Satoshi Nakamoto, the anonymous creator of Bitcoin. “They watched BTC change the world and we are no different,” he wrote, claiming that SHIB has the same goal as Bitcoin to transform the world and that SHIB has the big potential to actually do that, following in the footsteps of the flagship cryptocurrency.