How does Shiba Inu plan to reduce the supply of coins through burning?

3 answers

• Cowan KatzJan 13, 2021 · 5 years ago
  Shiba Inu plans to reduce the supply of coins through burning by implementing a token burn mechanism. This mechanism involves sending a certain percentage of each transaction to a burn address, effectively removing those coins from circulation. The burn address is a wallet that no one has access to, making the burned coins permanently inaccessible. By continuously burning coins, the total supply of Shiba Inu tokens decreases over time, which can potentially increase the value of each remaining token.
  505

  253
• Harshith PabbatiJan 08, 2024 · 2 years ago
  To reduce the supply of coins, Shiba Inu utilizes a burning mechanism. This means that a portion of each transaction is sent to a burn address, where the coins become permanently unspendable. By removing coins from circulation in this way, the total supply of Shiba Inu tokens gradually decreases. This reduction in supply can create scarcity and potentially drive up the value of the remaining tokens.
  402

  134
• Dillon MathewsNov 23, 2022 · 3 years ago
  Shiba Inu aims to reduce the supply of coins through burning, which involves sending a percentage of each transaction to a burn address. This burn address is a black hole where the coins are effectively destroyed and cannot be accessed by anyone. As more transactions occur, more coins are burned, leading to a gradual decrease in the total supply. This burning mechanism helps create a deflationary effect, potentially increasing the value of Shiba Inu tokens over time. Please note that burning tokens is a common strategy used by many cryptocurrencies to manage their supply.
  578

  145