Removal of millions of SHIB coins drives meme hype

Former Republican candidate for US Congress David Gokhshtein says ‘SHIB started this whole ‘burn’ craze’ – Photo: Getty Images
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Shiba Inu (SHIB) Lead developer Skytoshi Kusama has revealed “there will be burns” for the meme crypto coin.

SHIB’s lead developer also revealed that the burns are from “time in the game” in reference to SHIB Eternity, the SHIB strategy card game.

Kusama also added via Twitter: “Details to come will explain why SHIB Eternity is powerful, empowering and ideal for SHIB holders once the blockchain version is released.”

SHIB to USD

Kusama sees the game as a potential catalyst for SHIB burning. September 20, more than eight million SHIB tokens were burned. The idea behind cryptographic engravings is to increase the value of the token as its circulating supply decreases. The tokens are then sent to a wallet address that cannot be used for transactions other than receiving the coins.

According CoinMarketCapSHIB was trading up 3.46% to $0.0000109 earlier on September 22, 2022, although the coin has spent the past month on a downtrend.

SHIB Eternity Game has been successfully tested in Vietnam and is also available on Australia’s Google Play Store and Apple’s App Store.

‘SHIB started all this craze to ‘burn’

Former Republican candidate for US Congress David Gokhshtein said in a Twitter post that “SHIB started this whole ‘burn’ craze”.

SHIB was launched in August 2020 and described as the “DOGECOIN KILLER”. Still, Dogecoin (DOGE) is ranked higher than SHIB on CoinMarketCap as DOGE is in the top 10 cryptos and SHIB is not. DOGE also has a higher price at $0.05895.

SHIB is also entering the metaverse with SHIB the Metaverse, which is designed to be somewhere “the ShibArmy crypto community to truly call home.”

SHIB the Metaverse has partnered with virtual reality company The Third Floor (TTF) to create this part of the Metaverse. SHIB the Metaverse also told TTF what the SHIB community wants in its metaverse “by listening to its community”.

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Terra Classic increases by 160% after new supply consumption function

On September 9, 2022, the introduction of a new token burning system saw Terra Classic (LUNC) price spike to $0.00058, up more than 160% since the start of the month.

The hike was attributed to a proposal by Terra Classic community member Edward Kim. Proposal declared that a 1.2% token burn should be implemented on all transactions in an effort to make LUNC a deflationary crypto. The 1.2% token consumption has now been implemented.

On August 10, LUNC was priced at 0.00009464, while almost a month later, on September 8, it had risen to 0.0005722 according to CoinMarketCap. As of September 22, the crypto has fallen 2.5% to $0.000276.

There was a burning mechanism for LUNC called LUNC Burner which had already withdrawn over 3.7 billion tokens from circulation.

LUNC was created after the collapse and depegging of the stablecoin TerraUSD (UST), which then affected its sister coin Terra (LUNA) earlier this year (2022). The collapse led to the creation of the original and the new LUNA token.

Further reading

DOGE and SHIB tokens in front of a chart

Who has the most shiba inu parts?  Everything you need to know about the SHIB community.  Shiba Inu SHIB cryptocurrency token, futuristic digital money background

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