Both the Shiba Inu and the LUNC tokens have seen their growth hindered by the fact that their circulating supply is incredibly large. To curb this, both communities have come up with a burn initiative to reduce the supply of the tokens as much as possible. So far, significant amounts of tokens have been sent to burn addresses by community members. But which community effort has had the best impact on the token price?
LUNC community reaches 85 billion marks
The LUNC community fire has received a lot of attention since it started about a year ago. Millions of tokens are removed from circulation every week in an attempt to reduce the supply of more than 5.8 trillion. This has resulted in tens of billions of tokens being burned so far.
According to the LUNC statistics website, the community has managed to reach the milestone of 85 billion tokens burned. This was achieved after more than 1.7 billion tokens were burned by the community in the space of one week, bringing the total number of tokens burned ever to approximately 85 billion.
On the back of this milestone are the prices of LUNC and USTC have started to rise again, indicating a link between the burnout and price developments. Not only are the Terra Classic ecosystem tokens on the rise, but the updated LUNA token is also on the rise.
The LUNC Burn initiative has seen a lot support the Binance exchange which continues to burn fees generated by the altcoin’s trading activity. Burning has also expanded to the USTC token, with thousands of coins being burned daily.
SHIB bulls show strength | Source: SHIBUSD on Tradingview.com
Shiba Inu Burn Sees a 2875% Blast
Compared to the LUNC burn, the Shiba Inu community burn has had a greater impact on the price. Unlike LUNC, approximately 45% of the total token supply has been burned. Most of this can be attributed to Ethereum founder Vitalik Buterin, who received half of the SHIB token supply in 2021. Buterin ended up burning most of the tokens after donating some of it to a COVID relief fund.
However, the community has not relented in its efforts to reduce supply. Last week, the burn rate saw one of its most significant peaks after rising more than 7.6 million percent in a 24-hour period. This increased burning momentum has continued into the new week, with Sunday’s figures showing over 152 million tokens burned.
This 152 million figure increased the SHIB burn rate by another 2875%, facts of Shibburn shows, which gets us off to a great start to the week. Most of the burned tokens came from a single wallet that burned 107.6 million tokens in a single transaction.
However, unlike LUNC, the spike in SHIB burn rate does not appear to have had much impact on the price, as the token traded near breakeven during the same period.
Featured image from Analytics Insight, chart from Tradingview.com
