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HomeCrypto NewsMarket1K Shiba Inu Wallets Sold As Community Supports SHIB Burns From Wallet Sales

1K Shiba Inu Wallets Sold As Community Supports SHIB Burns From Wallet Sales


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The result of a recent Twitter poll shows most Shiba Inu proponents wish to see proceeds from Tangem wallet sales used for SHIB.

Shibarium1, a Shiba Inu developer, recently updated the community on the developments surrounding sales of Shiba Inu x Tangem hardware wallets. The developer launched a poll to get the community’s opinion on what to do with the proceeds.

According to the tweet, the team had promised to burn SHIB equivalent to 5% of the cumulative wallet amount from the sales of the Tangem wallets. Shibarium1 further showed that the Swiss company shipped over a thousand hardware wallets to SHIB proponents in the past months. 

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At the time, 1,007 SHIB wallets were sold by Tangem. 5% of the total amount stood at 3,524 USDT. At the prevailing exchange price then, this amount was equivalent to 342.5 million SHIB. 

342M SHIB Burned Amid Community Votes

The final results of the Twitter poll hosted by Shibarium1 indicated the ShibArmy’s high appetite for SHIB burns. 

The poll, which ended on August 12, invited Shiba Inu community members to decide on what the team should do with the 342.5 million tokens in question. 

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While Option A said the tokens be burned outrigh, Option C suggested the SHIB tokens be donated for relief support. 

Meanwhile, Option B opposed burning, requiring users who picked the option to drop their opinions on the usage of the token. 

Out of the 5,271 users who participated in the poll, 94% selected the burn option. A meager 4% supported the idea of channeling the funds to support the Maui families affected by the recent fire outbreak. 

Among the 2% who opposed burning the assets was Jolt. According to him, 3,524 USDT is small and will make less impact if burned or donated toward a major cause. However, he showed support for the Maui donation idea. 

Jolt further suggested that the funds be evenly distributed among the ETH Toronto ticket giveaway winners. 

However, Shibarium1 revealed today that the funds have been converted to SHIB and burned, citing community votes. Etherscan showed that the Shiba Inu team burned 342,561,867 (342.5M) SHIB accordingly. This implies that the 3,524 USDT tokens were converted at around $0.00001028 per SHIB. 

This massive burn contributed to the increased SHIB burn rate recorded today. As reported, 1.16B were burned last week, with Binance as the top contributor. 

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Ndianabasi Tom
Ndianabasi Tom
Ndianabasi Tom is a crypto journalist and content writer who has been talking about crypto and blockchain technology since 2018. With a knack for translating complex concepts into engaging narratives, he takes pleasure in educating and informing industry players about developments in space. Armed with industry expertise and a commitment to delivering accurate and thought-provoking content, he has produced thousands of articles including news and educational content for various projects and blogs, showcasing his versatility and dedication to his craft. He holds a Bachelor's degree in Petroleum Engineering.

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