Behind Shiba Inu (SHIB), a vibrant community is driving efforts to accelerate the token’s burning rate. Recently, Casey Stubbs, a prominent member of the SHIB Army, conducted a live burn of 100 million tokens on X Spaces. This marks the inaugural step of Shiba Inu’s ambitious “1 cent dream” initiative. In addition to the live burn, another 550 million SHIB tokens have been pooled in the SHIB/CENT pair on Shibarium Layer-2.
The community-driven 1 Cent project aims to significantly expedite the manual burning process. Stubbs emphasized their commitment, stating, “We start with millions, we work hard to burn billions, our goal is to burn trillions🔥.” The live broadcast saw Stubbs incinerating 100 million tokens shortly after midnight on July 14, 2024.
Shibburn Surge with 591% Upswing in Daily Burns
Amidst volatile crypto market conditions, SHIB has not been immune to bearish trends, sliding 13.6% over the past seven days. After reaching a monthly peak of $0.00002165 on May 29, 2024, SHIB now faces additional selling pressure in the sideways market. Recent conditions have led to the sale of $6.26 million worth of SHIB tokens in the last 24 hours.
In response to uncertain market dynamics, SHIB custodians have intensified efforts to reduce supply, resulting in a significant increase in daily burns. According to the Shibburn tracker, 102,159,899 SHIB tokens were burned in the past 24 hours, contributing to a weekly total of 368,451,651 tokens burned. This represents a remarkable 591% daily increase, largely driven by the 100 million tokens burned through Shiba Inu’s 1 Cent Dream initiative.
Looking Ahead: SHIB Auto-Burn on the Horizon
The SHIB development team is advancing towards implementing an SHIB auto-burn mechanism, set to automatically burn tokens with each transaction on Shibarium Layer-2. While currently deployed on the Shibarium testnet, the timeline for launching automatic SHIB burns on the mainnet remains undisclosed.
Why This Matters
Initiatives like cryptocurrency burning demonstrate robust community fundamentals and contribute to maintaining the long-term value of coins by promoting scarcity and reducing supply.
This proactive approach by the SHIB community underscores its commitment to enhancing the token’s utility and sustainability in the evolving crypto landscape. As SHIB continues to navigate market fluctuations, these initiatives could play a pivotal role in shaping its future trajectory and market perception.