Shiba Inu (SHIB) Burn Rate Surpasses Ethereum (ETH) Exploding Over 600% But It Is Still Unlikely To Compete With Rollblock (RBLK)
Shiba Inu has been on the rise this year in terms of burn rate, with the team and the community burning millions of tokens every week. In the current events, the burn rate of Shiba Inu has increased by 600% which is even higher than Ethereum.
However, Rollblock is a new DeFi project that is emerging as a major competitor to Shiba Inu. Rollblock’s burn mechanism is unique and is way above that of Shiba Inu. Let us learn about this new burning mechanism.
Shiba Inu (SHIB) Burn Rate Jumps 600%
Data from Shibburn shows that the burn rate of Shiba Inu (SHIB) has spiked by about 600%. Over 10 million SHIB tokens were burned during this period, pushing the total number burned by the meme coin community to 410.7 trillion SHIB tokens. While this is a large figure, the Shiba Inu community still has a long way to go in reducing its circulating token supply.
According to information from Shibburn, Shiba Inu’s circulating supply is above 583 trillion. The Shiba Inu team is working to launch an automatic burning mechanism this year. This could increase the rate at which the meme coin is destroyed in a bid to become the best crypto in the market.
Ethereum (ETH) Burn Rate on a Steep Decline
At the beginning of May, a news report revealed that there had been a decline in the number of Ethereum (ETH) burned daily. The primary reason that led to this decline in the amount of burned Ethereum was the rise in the gas fees. Regrettably, the situation remains the same, at least in the reason for ETH burns.
According to the data obtained from TheBlock, the daily burnt Ethereum has been below 1.8k, with as low as 348 ETH burned on May 19th. In comparison, the daily amount of ETH burned in the first four months of this year was between 2,500 and 3,000 ETH. In total, about 4394364.7 ETH has been burned so far.
Rollblock (RBLK) Introduces a Unique Burn Mechanism
While Shiba Inu and Ethereum have similar token burn mechanisms, Rollblock (RBLK) is bringing a new approach to token burning that both top altcoins lack. The burning mechanism of the new DeFi project is based on a revenue-sharing model. Here, Rollblock employs a portion of its earnings to repurchase some of its own native tokens called RBLK from the market.
For this reason, 30% of the weekly revenue of Rollblock shall be used to buy RBLK. Of the total amount of RBLK that is purchased, 50% is being burned, and the other 50% is redistributed to people who staked their RBLK tokens. So, token burning is a normal activity and is conducted on a regular basis.
Because part of the project’s revenue generated will be used to purchase more tokens and then destroy them, the scarcity, thus the value of RBLK will be increased over time. This makes RBLK a good crypto to buy. In addition to the token burn mechanism, RBLK is the native token of a casino gaming ecosystem where gamblers can play casino games and win different items, which they can exchange for real cash on the Rollblock marketplace.
This is why RBLK is among the top altcoins to consider this year; Rollblock’s utility and its place in a multi-billion-dollar market. Currently, RBLK is in the second stage of its presale and is valued at $0. 012, with a price increase to $0.014 happening in 2 days time. Analysts have tagged RBLK as the best crypto to buy this year, predicting a massive price pump of 50x.
In Summary
The number of Shiba Inu burned is way higher than that of Ethereum, which has been low due to an increase in gas fees. Meanwhile, Rollblock has the best burning mechanism. Its burning mechanism is tied to its revenue-sharing model. This makes Rollblock’s RBLK token a good crypto to buy since it could become scarce in the coming months.
Discover the Exciting Opportunities of the Rollblock (RBLK) Presale Today!
Website: https://presale.rollblock.io/
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