What is Shiba Inu burn rate?

The Shiba Inu burn rate is the rate at which the total supply of SHIB tokens is reduced. But how do you burn digital currency? The more you learn about crypto, the more you will realize how simple things actually are — and how we use a lot of jargon to explain multiple concepts. Here’s everything you need to know about Shiba Inu and coin burning.

Why is Shiba Inu so popular?

Launched only in 2020, the token has seen its popularity and value soar. SHIB is known for its high supply, which started at one quadrillion tokens. Over the years, that supply has gradually reduced due to the Shiba Inu coin burn. In two years, more than 410 trillion tokens have been burnt.

How do you burn Shiba Inu tokens?

Unlike many protocols, there is no enshrined or formal mechanism for burning SHIB tokens. The Shiba Inu burn rate is wholly community driven. As such, there are many creative ways for hodlers to burn tokens — even without sacrificing their own. Some of these include:

Why is Shiba Inu's price not moving?

Despite the massive surge in the burn rate of Shiba Inu tokens, the price of SHIB has shown little movement. One possible explanation is that the market has already priced in the impact of the burn rate, and therefore, the current token burn rate is not enough to move the price significantly.