SHIB burn rate shows massive plunge after several recent statements by SHIB team that sort of contradict each other
Burns are necessary for reducing the circulating supply of a coin. Mostly this technique is used by meme coins — Shiba Inu, BabyDoge and a few others. However, large amounts of Ethereum and BNB are burned on a regular basis, too. Burning basically means moving coins to unspendable wallets from whence they cannot be withdrawn back or used for purchasing things.
However, despite approximately half of the circulating SHIB supply being gone in burns already , the price has not been impacted by this.Here’s what Shytoshi Kusama and SHIB's marketing expert said about burns On Monday, the marketing expert of the SHIB team, known on X app as @LucieSHIB, wrote in her post that Shibarium can be even more useful for SHIB burns than stated previously. This is how the burn mechanism works on Shibarium; users pay gas fees in BONE tokens to conduct transactions. A portion of these fees is set aside to be converted into SHIB later on and then burned, when a hefty sum builds up.as the number of users of this Layer 2 solution grows too.
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