Shiba Inu vs. Floki: What Will Coin Burning Lead to?
Date: 2024-01-05 Author: Dima Zakharov Categories: BLOCKCHAIN
The Impact of Token Burning on SHIB Price
According to Etherscan data, the Shiba Inu community sent tokens to one of three addresses used to remove coins from circulation. The project relies on burning to increase value for investors and control inflation. Notably, Ethereum co-founder Vitalik Buterin burned around 405 trillion tokens he received from SHIB developers, resulting in a 40% surge in the meme coin's price.
The Vision of Shiba Inu's Founder
Shiba Inu's founder, Shitoshi Kusama, believes that burning tokens will only have a meaningful impact with global adoption. To achieve this, he suggests that a network of decentralized leaders, early adopters, and those seeking change must usher in a new era for cryptocurrencies, blockchain, and Web3.
Shiba Inu's Recent Initiatives
The Shiba Inu team recently announced several updates aimed at promoting cryptocurrency adoption. In collaboration with D3 Global, they introduced personalized SHIB tokens as the foundation for the SNS domain name system. Another project allows the minting of NFTs from physical items.
FLOKI's Token Burning Surges by 600%
FLOKI has also witnessed a significant increase in the number of burned tokens, with the burning rate skyrocketing to an astonishing 600%. In the last 24 hours, a total of 218 million coins were removed from circulation.
FLOKI's Broader Ecosystem
Token burning is not the sole tool in Floki's arsenal. Developers have been diligently expanding the ecosystem to transform the meme coin into a serious DeFi project. FLOKI now includes a play-to-earn game called Valhalla, the FlokiFi DeFi protocol, an educational platform, a crypto card for digital payments, an NFT collection, and a marketplace for non-fungible tokens called FlokiPlaces.
