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What is the issuance and circulation volume of SHIB coins?
By reducing the circulating supply through burning mechanisms, the SHIB community aims to increase the value of the token over time.
Oct 13, 2024 at 11:23 am
1. Issuance Volume of SHIB
SHIB was initially issued with a circulating supply of 1 quadrillion tokens in August 2020. This massive issuance was intended to make SHIB highly accessible and affordable, with the hope of driving widespread adoption.
2. Circulation Volume of SHIB
As of June 2023, the circulating supply of SHIB has significantly decreased due to various burning mechanisms implemented by the SHIB community. The total supply of SHIB has been reduced to approximately 549 trillion tokens.
3. Burning Mechanisms
The SHIB community has implemented several burning mechanisms to reduce the circulating supply and increase the value of the token. These burn initiatives include:
- Coin Burning: Regular events where large quantities of SHIB are sent to designated dead addresses, removing them from circulation.
- Shibarium Burning: A built-in mechanism within the Shibarium Layer 2 solution that will burn a percentage of all transaction fees.
- SHIB Burn Wallet: A specific wallet where individuals can voluntarily send SHIB to be burned.
4. Impact of Burning
Burning SHIB tokens reduces the supply while maintaining or increasing the demand. By reducing the available SHIB, the price is more likely to appreciate over time.
5. Future Circulation Volume
The future circulation volume of SHIB will depend on the continued implementation of burning mechanisms and the overall activity of the community. Based on estimates from community sources, the circulating supply of SHIB could decrease further to around 50 trillion tokens by the end of 2023.
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