As a seasoned crypto investor who has seen the rise and fall of countless digital assets, I must admit that Shiba Inu continues to intrigue me with its unique approach to supply reduction. The fact that Ryoshi, the mysterious creator of this meme coin, burned the keys to the SHIB supply vault adds an element of unpredictability that is both fascinating and frustrating in equal measure.
Lucie, a member of the Shiba Inu team, provided a significant explanation about the reduction in SHIB tokens’ circulation. This comes in response to a query from X user, expressing concern over the management of SHIB supply by the Shiba Inu developers.
As Lucie explains, since Ryoshi, the mysterious inventor of Shiba Inu, destroyed the access keys, it’s impossible for the Shiba Inu developers to alter the coin’s supply. Ryoshi, similar to the enigmatic Satoshi Nakamoto who created Bitcoin and vanished from social media in May 2022, is the anonymous figure behind Shiba Inu.
As a Shiba Inu coin holder, I’ve learned that reducing its supply is crucial. This can be achieved by buying and burning the coins. However, it requires financial resources to do so effectively.
Lucie emphasizes an intriguing aspect of this overall approach that could significantly decrease the quantity of SHIB: “To significantly lower the number of tokens, we require a massive user base – millions (even billions)! Our goal is to construct a remarkable system that attracts multitudes, encouraging daily usage of Shibarium. As our user base grows, more SHIB gets burned, increasing its worth over time.
According to Lucie, the approach emphasizes fostering the community’s growth and allowing the system to work effectively on its own.
As per the most recent hourly report from Shibburn X tracker, approximately 3,632,401 SHIB coins were incinerated over the past 24 hours, marking a decline of 65.56% in the burning rate compared to previous periods. The current total number of Shiba Inu tokens stands at an astounding 589,271,230,359,528 coins, which is a significant reduction from the initial supply of 1 quadrillion tokens.
Shiba Inu netflows surge 1,387%
As reported by IntoTheBlock, there’s been a significant increase of over 1,300% in the number of long-term holders (Shiba Inu owners) within the past week.
Large Holders’ Netflow gives a sense of how whales are adjusting their asset positions. A surge in Netflow could suggest that whales are amassing more assets, while a decrease might mean they’re reducing their holdings or selling.
An increase in the holdings of large investors could indicate that ‘whales’ are capitalizing on Shiba Inu’s price stabilization under its current Daily Simple Moving Average (SMA) of $0.000014, by purchasing additional tokens.
At the time of writing, SHIB was up 0.68% in the last 24 hours to $0.0000138.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- USD COP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- TON PREDICTION. TON cryptocurrency
- Strongest Magic Types In Fairy Tail
- ENA PREDICTION. ENA cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- ADA PREDICTION. ADA cryptocurrency
2024-09-15 18:10