Shiba Inu Reveals Eternity Download Day, 41% of Shiba Inu Total Supply Burnt, Almost 7 Billion LUNC Burned

The Shiba Eternity, a collectible card game for the SHIB ecosystem launch date has been confirmed by the team’s developer. The initial scheduled date was Oct 1, but it’s now shifted to take place on Oct 6th, as announced by the community.

The team reveals how Shiba Eternity will play a role in supporting the global Shib community, and it’s excited to make history, reaching new heights in both the Apple App Store & Google Play Store.

SHIB Token Burn Update

Token burning is a notable way of intentional reduction of the total supply of a cryptocurrency asset. Token burning is simply the removal of excess tokens from circulation by sending them to a dead wallet. This is done to reduce the token’s supply, thereby making the tokens scarce and invariably increasing their value of the token.

When a Token’s supply is fixed and small, it’s almost immune to inflation, which is what the Shiba Inu community aims to achieve with the continuous burn ongoing.

According to data from Shiba Inu Burn Tracker, 41.0384% of the total supply of the Shiba Inu token has been ultimately removed from circulation. To be exact, 410,381,139,185,221 has been removed from circulation, completely burning off the total supply of 999,992,188,828,143.

The Shiba Inu community is persistent in bringing the Memecoin back to its glory days. Although, the burn rate has declined remarkably since 25th September, when it recorded 128,699,420 $SHIB burnt record.

LUNC Community on a Burning Spree

In the case of LUNC, this is also what the community is pursuing as a means to revive the asset back.

According to data from Terrarity, a total of 6,961,744,099 LUNC has been burned, representing 0.100857% of its total supply. Notably, 4,257,391,401 were sent to a burning address, and 2,704,369,512 were burned under the tax system. This means that a significant amount of 305,080,698 LUNC is burned daily.

Many exchanges are now supporting the 1.2% tax burn. Also, Binance announced it’d be burning all its LUNC trading fees. According to the exchange, all trading fees received on Binance’s spot and margin trading pairs for LUNC/BUSD and LUNC/USDT will be burned.

The Burn Address will receive these fees after converting them to LUNC. Binance CEO Changpeng Zhao emphasized that the burn will be covered at their expense rather than the users.

Findings

The ultimate question now is whether token burning is enough to ignite a price value increase. Well, while token burning is a good way of increasing the value of an asset, it’d need more than that just to last long. It’d need more developers and mainstream adoption to bring them back to the game, which the two assets are surely working on at the moment, aside from the token burning.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

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