What is SHIB Burn and Impact on Price?
Introduction
SHIB burn refers to the process of permanently removing SHIB tokens from circulation, making them inaccessible and unrecoverable. This article explores the mechanisms of SHIB burn, the addresses involved, the burn rate, and the impact on the token's price.
SHIB Burn Addresses
There are three special null addresses used to burn Shiba Inu tokens. These addresses were not established by the Shiba Inu development team; instead, they are integral to the Ethereum network and are employed for the burning of other tokens as well.These addresses are not accessible by anyone and have no obtainable keys.
Burn Address 1: 0xdead000000000000000042069420694206942069
Mostly used since it's the same address co-founder of Ethereum, Vitalik Buterin, used to burn $6.7 billion in SHIB tokens.
Burn Address 2: 0x000000000000000000000000000000000000dead
Used by the team for ShibaSwap listings.
Burn Address 3: 0x0000000000000000000000000000000000000000
Called the Black Hole, used for renaming Shiboshi's NFT.
Three distinct null addresses are presently utilized to burn $SHIB tokens.
Why Burn SHIB Tokens?
The actual problem with SHIB tokens is the vast quantity in circulation. The community's goal is to raise the SHIB to $0.01, and to achieve this, tokens must be burned to reduce the number of tokens in circulation, thus potentially increasing the value of SHIB.
How to Burn SHIB Tokens
1. Burn Portal by Shiba Inu Team: On April 23rd, 2022, the Shiba Inu team released a burn portal where users can send tokens to the most popular burn address and receive passive income. The SHIB Burn Portal was created in response to the Shiba Inu Community's desire for a systematic way to increase scarcity and potentially grow their
Read more on blockchain.news
