Shiba Inu is regarded as the crypto project that started the burn craze in the emerging market.
David Gokhshtein, former US Congressional candidate and the founder of Gokhshtein Media, has taken time out to acknowledge the Shiba Inu (SHIB) community for starting the burn craze in the crypto space.
“SHIB started this entire ‘burn’ craze,” Gokhshtein said in a Twitter post today.
$SHIB started this entire “burn” craze.
— David Gokhshtein (@davidgokhshtein) September 22, 2022
Shiba Inu Community Burn Efforts
Shiba Inu is among the top cryptocurrency projects with a vibrant community that focuses on the growth and development of the entire ecosystem.
Shiba Inu, which launched in August 2020, attracted the attention of many who missed out on the Dogecoin frenzy. The token had a total supply of 1 quadrillion SHIB at the time of the launch.
At first, the amount was not a problem; it did not take long before community members pointed out that the enormous total supply of Shiba Inu tokens was responsible for its low price.
Based on this, the community called on the team to burn a part of the supply to bolster SHIB’s price. A burn wallet was created to this effect, where concerned SHIB investors can send some amount of the tokens to boost its value.
Several community efforts were made toward burning SHIB, including Bigger Entertainment announcing that it would burn SHIB via some of the profit obtained from selling concert tickets.
Bigger Entertainment later stopped the campaign, leaving SHIB enthusiasts to continue the burn program. After a while, the Shiba Inu development team launched an official burn portal to make burning easy. Since then, above 60 billion SHIBs have been incinerated.
Other Crypto Communities Push for Burns
Following the success made by SHIB enthusiasts toward the burning of SHIB’s total supply, several crypto communities have been pushing for burns.
The development is mostly seen in crypto projects that have a huge volume of tokens in circulation. Cardano enthusiasts have called on the project team to burn a part of the coin’s supply. However, Charles Hoskinson, the founder of Cardano, has frequently ignored these calls, saying it is impossible.
The Terra Luna Classic (LUNC) community is the moment’s rave of crypto burns. Recall that Terra investors were plunged into huge losses after UST lost its peg to the dollar.
For LUNC enthusiasts, the only way to get compensated is to burn part of the token’s supply. However, TerraForm Labs (TFL) had different plans; they launched a new token Terra (LUNC) and abandoned Terra Luna Classic (LUNC). Terra team gave no help to the terra classic community for reviving the value of LUNC despite the community’s pleas.
Feeling abandoned, LUNC investors embarked on a journey to reduce the cryptocurrency’s total supply via burns. Like Shiba Inu, an inferno address was created for this purpose, and over 4 billion tokens have been burnt via community efforts.
Not satisfied with the development, the community proposed and implemented a 1.2% tax burn on all LUNC on-chain transactions to further reduce the asset’s total supply.
As reported by TheCryptoBasic, over 9 million LUNC were burnt a few hours after the 1.2% tax burn launched, with all top exchanges like Binance, Kucoin, Kraken, Etoro, Mexc Global, and Crypto.Com confirming support for LUNC on chain burns.