Shiba Inu Reveal Eternity Upload Day, 41% Of Total Shiba Inu Supply Burned, Nearly 7 Billion LUNCs Burned

Shiba Inu Reveal Eternity Upload Day, 41% Of Total Shiba Inu Supply Burned, Nearly 7 Billion LUNCs Burned

The launch date of Shiba Eternity, a collectible card game for the SHIB ecosystem has been confirmed by the team developer. The originally scheduled date was October 1, but it is now shifted to October 6, as announced by the community.

The team reveals how Shiba Eternity will play a part in supporting the global Shib community, and they’re thrilled to make history, reaching new heights on both the Apple App Store and Google Play. Store.

Updated SHIB token burning

Token burning is a notable means of intentionally reducing the total supply of a cryptocurrency asset. Token engraving is simply the removal of excess tokens from circulation by sending them to a dead wallet. This is done to reduce the supply of tokens, thus making tokens scarce and invariably increasing their token value.

When the supply of a token is fixed and small, it is almost immune to inflation, which is what the Shiba Inu community aims to achieve with ongoing burning.

According data from Shiba Inu Burn Tracker, 41.0384% of the total supply of the Shiba Inu token has finally been withdrawn from circulation. To be exact, 410,381,139,185,221 were withdrawn from circulation, completely burning through the total supply of 999,992,188,828,143.

The Shiba Inu community persists in bringing Memecoin back to its glory days. However, the burn rate has remarkably decreased since September 25, when it recorded a record $128,699,420 SHIB burned.

The booming LUNC community

In the case of LUNC, this is also what the community is looking for as a way to revive the asset.

According to data from Terrarity, a total of 6,961,744,099 LUNCs were burned, representing 0.100857% of its total supply. Notably, 4,257,391,401 were sent to a burning address, and 2,704,369,512 were burned under the tax system. This means that a significant amount of 305,080,698 LUNC is burned daily.

Many stock exchanges now support the 1.2% tax cut. Also, Binance announcement this would burn all of his LUNC trading fees. According to the exchange, all trading fees received on Binance spot and margin trading pairs for LUNC/BUSD and LUNC/USDT will be burned.

The Burn Address will receive these charges after converting them to LUNC. Changpeng Zhao, CEO of Binance underline that the burn will be covered at their expense rather than that of the users.

conclusion

The ultimate question now is whether token burning is enough to trigger an increase in price value. Well, while token burning is a good way to increase the value of an asset, it would take more than that to last long. It would take more developers and widespread adoption to bring them back to the game, which both assets are surely working on right now aside from token burning.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in projects.

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Image source: ximagination/123RF // Image effects by colorcinch

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