Shiba Inu market (SHIB), has received praise for a variety of reasons, such as its utility and efforts to get away from traditional breeding methods. “meme coin” tag. Many have questioned the burn mechanism of this community-driven initiative.
Shiba inu is accused by some of not sending enough money into the dead wallets. Justin Sun, a Tron developer, was recently seen applauding the SHIB eco-system for its burn mechanism.
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Justin Sun’s perspective on Token Burn Mechanisms
SunPump Development And Token-Burn Strategy
SunPump is the new meme platform for the Tron Network. The network was trying to start the token-burning process in the midst of this. SunPump’s community considered burning Liquidity Pool tokens (LP) at first, citing benefits such as increased token liquidity and regulatory acceptance.
On-Chain Purchase and Burning Procedure
Sun said SunPump will forgo the LP Token Burning Strategy in favor of a buyback/burn procedure that is 100% on chain to solve this issue. Tron’s founder noted that this method had already been successful with assets such as Shiba Inu.
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Shiba Inu Burn Process: A Closer Look
Shibburn reports that, according to its data, SHIB’s initial supply has been reduced by 410 728, 473, 530 620 tokens. SHIB’s circulating stock is now 583,456,426,501302 SHIB. Burn rate of the meme coin increased by 36% in 24 hours to equal 2,819 209 SHIB.
The price of the meme currency could increase if the quantity in circulation decreases. Shiba inu has seen a small increase over the past 24-hours.
SHIB traded at $0.00001339 as of press time. It had risen 2.35% per day. It follows a drop of nearly 5% in the previous week.
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Source: watcher.guru