What are the reasons behind the decision to burn shiba inu coins?

3 answers

• Sara HyariJan 19, 2024 · 2 years ago
  The decision to burn shiba inu coins was made as a strategic move to reduce the total supply of the cryptocurrency. By burning a portion of the coins, the supply decreases, which can potentially increase the value of the remaining coins. This is a common practice in the cryptocurrency world to create scarcity and drive up demand. Additionally, burning coins can help address concerns of inflation and prevent the market from being flooded with excessive supply.
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• Pranali ShindeMay 21, 2022 · 4 years ago
  Shiba inu coin burning is a way to incentivize holders and create a sense of community. By burning coins, the project shows a commitment to the token's long-term success and rewards those who hold onto their coins. It can also help build trust and confidence in the project, as it demonstrates a willingness to take action to benefit the community. This decision can also serve as a marketing strategy to attract more investors and increase the overall value of the cryptocurrency.
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• Ashish ValandMay 28, 2022 · 4 years ago
  As a representative from BYDFi, I can say that the decision to burn shiba inu coins was driven by the desire to improve the token's ecosystem. By reducing the supply, it helps to stabilize the price and create a more sustainable growth trajectory. This decision aligns with our goal of creating a strong and vibrant community around the shiba inu coin. We believe that by burning coins, we can enhance the overall value proposition of the cryptocurrency and attract more users to our platform.
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