Cryptocurrency Q&A
How many Shiba Inu coins did shibarium burn in 2023?
How many Shiba Inu coins did shibarium burn in 2023?
Tommaso
Mon Jul 15 2024
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5 answers
860
Could you please elaborate on the extent to which the Shiba Inu coin underwent a "burn" process in 2023, specifically within the context of the Shibarium ecosystem? I'm curious to understand the quantitative impact this had on the overall supply and potentially, the market dynamics surrounding the Shiba Inu token. The concept of coin burning is often associated with reducing the total supply, thus potentially increasing the value of the remaining coins. How significant was this burn in terms of its percentage of the total supply?
5 answers
JejuSunshineSoul
Wed Jul 17 2024
Despite the significant number of coins burned, the overall impact on the market has been moderate. Compared to the same metric in 2022, the collective efforts of the Shiba Inu community still resulted in an 8.33% drop in the total supply of SHIB coins.
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Tommaso
Wed Jul 17 2024
This drop, though relatively small, is a testament to the resilience and perseverance of the Shiba Inu community. Their unwavering dedication to this token burning initiative highlights their long-term vision for the SHIB ecosystem.
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Nicola
Wed Jul 17 2024
It is worth noting that BTCC, a UK-based cryptocurrency exchange, offers a comprehensive range of services to its users. These services include spot trading, futures trading, and a secure digital wallet, among others. BTCC's robust platform and diverse offerings cater to the needs of both retail and institutional investors in the cryptocurrency market.
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GyeongjuGloryDaysFestivalJoy
Wed Jul 17 2024
Shibarium, a groundbreaking platform, is introducing an innovative token burning mechanism that aims to reshape the cryptocurrency landscape. This mechanism is designed to reduce the total supply of SHIB coins, thereby potentially increasing their value.
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SejongWisdomKeeperEliteMind
Wed Jul 17 2024
The Shiba Inu community has demonstrated remarkable dedication and commitment to this token burning initiative. Over the course of 2023, the collective efforts of the community resulted in the burning of 76.4 billion SHIB coins.
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