How Long Will It Take to Burn Shiba Inu Coins?

How Long Will It Take to Burn Shiba Inu Coins?
Photo by Crystal Mapes / Unsplash

Burning Shiba Inu (SHIB) tokens is a long-term process that could take years, if not decades, to significantly reduce the supply to levels that might drastically impact the price. As of now, over 410 trillion SHIB tokens have been burned, representing about 41% of the initial supply. The burn rate heavily depends on community participation and mechanisms like Shibarium.

When Did Shiba Inu Start Coin Burning?

The first major Shiba Inu burn occurred in June 2021 when Vitalik Buterin burned 41% of the supply. He had received 50% of the total supply as a gift from Shiba Inu's creator, Ryoshi. Buterin sold about 9% to raise funds for COVID relief in India and sent the rest to a dead wallet. This move significantly reduced the circulating supply and increased the token's popularity.

How Many Shiba Inu Coins Have Been Burned So Far?

As of now, 410,709,225,391,335 SHIB tokens have been burned. Most of these are due to Buterin's burn, with additional burns from community efforts and Shibarium-related burns. Various projects, such as NFT games and community initiatives, also contribute to the burn rate.

Shiba Inu Burn Addresses

There are three main addresses used for burning SHIB tokens:

  • Burn Address 1: Used by Vitalik Buterin.
  • Burn Address 2: Used by the Shiba Inu team for ShibaSwap listings.
  • Burn Address 3: Sometimes called the Black Hole.

Caution: Any tokens sent to these addresses will be lost permanently.

Shiba Inu Supply Distribution

  • Circulating SHIB: 582,313,888,664,494
  • Staked SHIB: 6,976,885,944,170
  • Burned SHIB: 410,709,225,391,335

Key Highlights

  • Largest Burn: Ethereum inventor Vitalik Buterin burned a large number of SHIB tokens when the project launched.
  • Shibarium Burns: 70% of the base transaction fees on the Shibarium network are used to burn SHIB.
  • Community Effort: The Shiba Inu community is hopeful that burning SHIB tokens will lead to a higher SHIB price.
  • Burn Addresses: There are three main addresses used to burn SHIB tokens.

What Does It Mean When Shiba Inu is Burned?

Shiba Inu coin burning reduces the token's supply. Coin burning is a practice among several crypto projects to become deflationary. It involves removing tokens from circulation by sending them to burner addresses, also known as dead wallets. These addresses are inaccessible, making the coins unretrievable.

Shibarium and Automatic SHIB Burns

Shibarium, a layer 2 network for the Shiba Inu ecosystem launched in 2023, plays a significant role in SHIB burns. Each transaction on Shibarium incurs a base fee and a priority fee. 70% of the base fee is burned, while the remaining 30% is used to maintain the network. The burn fees accumulate in BONE (Shibarium's native digital asset) and are converted to SHIB and burned once $25,000 worth of BONE is accumulated.

Golden Inu Token Burning

While Shiba Inu continues its burning efforts, another memecoin, Golden Inu, is gearing up for a major token burn that could significantly impact its value. The Golden Inu ecosystem is set to debut the "Golden Treasury," a unique token-burning mechanism.

How Golden Inu's Burning Works

The Golden Treasury operates through a smart contract that allocates 50% of the overall dApp revenue to buy back $GOLDEN tokens from circulation and burn them. This innovative mechanism enhances scarcity and supports long-term value appreciation by reducing the token supply.

Upcoming Burn Events

The burning is expected to start with the launch of Golden Inu's new P2E (Play-to-Earn) game, Golden Inuverse. The beta version is already available, allowing users to experience the game and its mechanics. Players need to hold $11 in $GOLDEN tokens to register, which boosts the token's value and ensures community engagement.

Golden Inuverse: A New Era of Token Burns

Golden Inuverse is not just a game; it's a strategic move to facilitate continuous token burning. By integrating the game's revenue with the Golden Treasury, every in-game transaction contributes to the burn mechanism. This setup ensures a steady reduction in the circulating supply of GOLDEN tokens.

In-Game Purchases: Buying items or upgrades within Golden Inuverse directs a portion of the revenue to the Golden Treasury for burning.

Battling: Engaging in battles within the game incurs fees that contribute to the burning process.

Adventuring: Players earn $GOLDEN tokens by completing quests and missions, part of which gets burned.

To participate in Golden Inuverse and support the token-burning mechanism, visit the Golden Inu Official Website. Here, you can buy $GOLDEN tokens, register for the game, and contribute to the ongoing burns through your in-game activities. The website provides detailed instructions on purchasing and engaging with the ecosystem, ensuring a seamless experience for all users.

How to Buy Golden Inu Tokens

Buying Golden Inu tokens is straightforward and can be done through their official website. Follow these steps:

Confirm the transaction and complete the purchase.

Select the amount of $GOLDEN tokens you wish to buy.

Ensure you have enough ETH or BNB in your wallet to make the purchase.

Connect your cryptocurrency wallet (e.g., MetaMask) to the platform.

Click on the "Buy $GOLDEN" button on the homepage.

Visit the Golden Inu Official Website.

Once the transaction is confirmed, the $GOLDEN tokens will be transferred to your wallet. Make sure to follow any additional instructions provided on the website to ensure a smooth purchase process.

Conclusion

Both Shiba Inu and Golden Inu are leveraging token burning to enhance their value. While Shiba Inu's burning journey is well underway with significant community involvement, Golden Inu is poised to start its burning mechanism with the Golden Treasury. The success of these burning strategies depends on continued community participation and the popularity of their respective ecosystems.

Golden Inu's innovative approach, through the Golden Treasury and the launch of Golden Inuverse, highlights the evolving strategies within the crypto space to create value and engage communities. As these projects progress, the crypto community will be watching closely to see how these burning mechanisms influence token prices and market dynamics.

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