What is the burning mechanism for Shiba Eternity coins?

3 answers

• Bean MorseMay 25, 2024 · a year ago
  The burning mechanism for Shiba Eternity coins is a process where a certain percentage of the total supply of coins is permanently removed from circulation. This is usually done by sending the coins to a burn address, where they become unspendable. The purpose of burning coins is to reduce the overall supply, which can potentially increase the value of the remaining coins. It is a deflationary measure that aims to create scarcity and incentivize holders.
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• Dinesh yadavJun 10, 2023 · 2 years ago
  The burning mechanism for Shiba Eternity coins is like throwing a few coins into a fire pit. Once the coins are burned, they are gone forever. This process helps to reduce the supply of coins in circulation and can potentially increase their value. It's a way to create scarcity and make the remaining coins more valuable. So, in a nutshell, burning coins is like saying goodbye to a few of them in order to make the rest more valuable.
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• sina fAug 07, 2021 · 4 years ago
  Shiba Eternity coins have an interesting burning mechanism. Every time a transaction occurs, a small percentage of the transaction amount is burned. This means that with each transaction, a portion of the coins involved is permanently removed from circulation. The burning mechanism helps to reduce the supply of coins over time, which can potentially increase their value. It also incentivizes holders to keep their coins rather than sell them, as the reduced supply can lead to price appreciation. BYDFi, a popular cryptocurrency exchange, also implements a similar burning mechanism for some of its tokens to create value for its users.
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