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Shiba Inu (SHIB) vs FLOKI: Burn Rate Battle With SHIB up 300%, FLOKI 600%

2 mins
Updated by Ryan James
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In Brief

  • Shiba Inu community burns over 12 million tokens, taking the burn rate to 300%, in anticipation of a new NFT project.
  • The Shiba Inu project uses token burns to boost investor value and control inflation, with half of the token's supply available.
  • The Shiba Inu community is focusing on global adoption through upgrades and partnerships, including a new decentralized identity.
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The Shiba Inu (SHIB) community has burned over 12 million tokens, taking the burn rate to 300%. The burn occurred on January 2, 2024, as the community anticipates a new NFT project. Rival memecoin, FLOKI also saw a surge in single-day token burns.

Through the burn, the community took 12,435,582 SHIB tokens out of circulation. The transaction reduced the number of SHIB in circulation to about 581 trillion.

What the Latest SHIB Burn Means

According to Etherscan, the burn sent the tokens to a burn address. The address is one of three the community uses to take tokens out of circulation. The burn leaves around half of the token’s one quadrillion supply available.

Read more: Shiba Inu Burn Rate Explained: Understanding Token Burning

The project relies on burns to boost investor value and control inflation. Ethereum co-founder Vitalik Buterin burned 90% of the tokens developers sent him after launching SHIB. Following Buterin’s burn of roughly 405 trillion tokens, SHIB’s price increased by 40%.

SHIB daily burn status
SHIB Community Burns 12 Million Tokens | Source: Shibburn

New SHIB NFT Project May Boost Adoption

Shytoshi Kusama, a public-facing developer, said in late December that burns would only “be impactful” through other efforts to expand the project’s ecosystem. 

“Impactful burns will only take place through global adoption. We’ve seen adoption trickle in through 2023, but what can be done to ensure $Shib adoption worldwide perpetually? For this, a web of decentralized leaders, early adopters, and those tired of the status quo must usher in a new era of crypto, blockchain, and ‘Web3’,” Shythoshi said in a thread on X.

The community recently announced several upgrades to boost adoption. It has partnered with D3 Global to create SHIB name tokens to form the basis for a new decentralized identity. The project could allow holders to own a website and email address ending in “.shib.”

A novel non-fungible token (NFT) project could also boost adoption. The project will allow users to mint NFTs from physical items.

A user can send the SHIB community a two-dimensional drawing of a physical item to participate. Their item will be manufactured in three dimensions if it meets certain eligibility criteria. The buyer can add the product to the metaverse by scanning an embedded electronic device.

SHIB developers rolled out the Shibarium metaverse in 2023 amid some controversy. Despite this, the SHIB token recorded a higher annual trading volume than Ripple (XRP), Polygon (MATIC), and Ethereum (ETH) during the year.

The SHIB token is down 9.82% in the last 24 hours. Its current daily trading volume is $400.2 million.

Memecoin Rival FLOKI Sees 600% Daily Burn Rate

Like Shiba Inu, FLOKI experienced a single-day surge in tokens burned. Reaching a staggering 600% burn rate. A total of 218 million FLOKI were removed from circulation over the past 24 hours.

FLOKI Burn Rate.
FLOKI Burn Rate. Source: Crypteye

Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

Do you have something to say about the SHIB burn, its new NFT project, or anything else? Please write to us or join the discussion on our Telegram channel. You can also catch us on TikTokFacebook, or X (Twitter).

Top crypto projects in the US | May 2024

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David Thomas
David Thomas graduated from the University of Kwa-Zulu Natal in Durban, South Africa, with an Honors degree in electronic engineering. He worked as an engineer for eight years, developing software for industrial processes at South African automation specialist Autotronix (Pty) Ltd., mining control systems for AngloGold Ashanti, and consumer products at Inhep Digital Security, a domestic security company wholly owned by Swedish conglomerate Assa Abloy. He has experience writing software in C,...
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