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Shiba Inu Burn Address Used by Vitalik Buterin Now Reaches 410 Trillion Burned SHIB

Thu, 12/29/2022 - 11:54
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Arman Shirinyan
Shiba Inu's biggest address on network reaches new milestone
Shiba Inu Burn Address Used by Vitalik Buterin Now Reaches 410 Trillion Burned SHIB
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The biggest Shiba Inu burning address that was once used by Vitalik Buterin to burn part of the SHIB supply reached the new milestone with more than 410 trillion tokens burned on one address only.

The burning mechanism on Shiba Inu is extremely simple: assets sent to the aforementioned wallets simply become unavailable and are deducted from the circulating supply. If you own a business or a platform that has a Shiba Inu income stream, you can easily become part of the burning activity by simply sending a certain portion of the incoming SHIB to one of three burning addresses.

One of the biggest burners on the network, Amazon seller burner, has been following the same route: simply deducting a certain percentage off of total sales to burn a part of the supply.

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The burning mechanism itself can only partially help assets like Shiba Inu on the market, as its effectiveness is based on the good old law of supply and demand. However, the gradually decreasing supply is not going to help an asset on the market if the demand is decreasing by the same speed.

However, the massive 50% reduction of the supply was a measure Shiba Inu holders had no other choice but to take, considering the oversaturation of the network with speculative traders who pushed the value of the token downward during every recovery period.

At press time, Shiba Inu is trading at $0.00000794 and has no power yet to reach the $0.000008 threshold it held throughout the month after the sudden spike of selling pressure on Dec. 15 led to a drop to a six-month low.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.