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SHIB Burn Rate Increases as 101 Million Tokens Removed from Circulation, Lead Developer Compares Shiba to Bitcoin

June 27 (Cointime) - The SHIB community is reducing the circulating supply of Shiba Inu meme tokens, with tens of millions of SHIB being locked out of circulation in the past few days. An anonymous whale burned 79.5 million SHIB in a single transaction, contributing to the burn rate reaching 161%.

Burn mechanisms are implemented to reduce the circulating supply of certain tokens and make them more scarce, thereby pushing the price upward in the long term. Shytoshi Kusama, the lead developer of SHIB, compared the project to Bitcoin and emphasized the importance of decentralization.

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