Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
A new tweet by Shiba Inu-focused X handle Shibizens brings Shiba Inu's tokenomics to the spotlight.
Shibizens shared a fun fact about Shiba Inu burns, highlighting an earlier move by Shiba Inu pseudonymous founder Ryoshi that locked the Shiba Inu supply away.
When launching the SHIB token, 50% of the token’s total supply was locked in Uniswap, with the keys destroyed to create a permanent base of SHIB market liquidity.
Ryoshi locked 50% of the initial 1 quadrillion Shiba Inu supply in Uniswap (V2/V3) to create liquidity at launch. Ryoshi "threw away the keys" afterward, destroying access to the remaining supply with no control or way to touch it again.
The remaining 50% of the total SHIB token supply was gifted to Ethereum founder Vitalik Buterin. On May 16, 2021, Buterin burned the majority of the SHIB tokens, about 410 trillion representing 41% of the total SHIB supply.
No tokens were reserved for Shiba’s founders and developers. With this unique approach, the Shiba Inu team believed that they had executed a fair and open token launch in a new way.
Shiba Inu price
Shiba Inu's price saw a rebound on Friday after two days of drop, rising to $0.000006, fueled by a broader market rebound following inflation data.
The Consumer Price Index (CPI) rose 0.9% in March, according to a Friday report from the Bureau of Labor Statistics. Economists had forecast a 0.9% rise, and February's increase was 0.3%. On a year-over-year basis, CPI was higher by 3.3% against expectations of 3.3% and February's 2.4%.
Ahead of the data, there was about a 99% chance the Fed would stay on hold at its late-April meeting and a 97% chance of the same at the mid-June meeting, according to CME FedWatch.
At the time of writing, SHIB was down 0.24% in the last 24 hours to $0.0000059. Shiba Inu's price faces an important test: first to sustain above the daily MA 50 at $0.00000586 and to achieve a decisive breakout above $0.000006.
Dan Burgin
U.Today Editorial Team
