Sunday, July 14, 2024
HomeCryptocurrenciesAltcoinsSHIB Burning and Adoption on the Rise

SHIB Burning and Adoption on the Rise

The Shiba Inu community has engaged in the destruction of over 13.81 million SHIB tokens, with a single wallet being responsible for the burning of 10.45 million of them. The SHIB Super Store has emerged as the clear winner in the race for the title of largest SHIB burner, with a staggering 10.45 million SHIB being spent in a single transaction. In addition to the ongoing burning, there has been a recent increase in the number of shiba inu being adopted by the general public.

Binance Pay’s most current WooCommerce plugin release has made it possible for more than forty percent of websites across the internet to acknowledge SHIB as a valid payment method, further incentivizing the community to participate in the store’s Weekly Burn and Earn Program, which offers a prize of 10.4 million SHIB. Last week, the total amount of SHIB burnt in nineteen different transactions was 3.98 billion, representing an increase of 131.51% over the previous day’s burn rate.

So what’s next for the Shiba inu?

The shiba inu team is currently in discussions with Huobi, a well-known crypto exchange located in Seychelles, and Certik, a leading blockchain and smart contract security company, about establishing a customized cold wallet dedicated to the Shiba Inu ecosystem. This move aims to enhance the protection of SHIB holders’ assets and thwart any potential hacking attempts.

The destruction of SHIB tokens is aimed at reducing the total number of tokens in circulation to increase their value. This strategy has gained widespread adoption, as other cryptocurrencies like Binance Coin (BNB) are designed to burn off a certain percentage of their tokens quarterly. The Shiba Inu community is committed to boosting the value of their token through the extensive burns they have been conducting recently. Additionally, the community continues to promote the acceptance and value of its token while also contributing to humanitarian organizations. The destruction of SHIB tokens remains a common practice in the cryptocurrency community, as everyone is eagerly awaiting to see how the value of SHIB develops when the burns are carried out over an extended period of time.

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