The developers of an alternative cryptocurrency called Shiba Inu have removed some of the coin’s supply from circulation as they try to restore some of the excitement that sent prices soaring earlier this year.
As FXEmpire reported, the price of Shiba Inu, or SHIB, rose nearly 20% over the weekend after the developers announced a coin burn, a move in which a coin holder sends a portion of their assets to a wallet that no one can access. This tactic effectively destroys the coins and reduces the total supply of a cryptocurrency, and it can be used to control inflation and boost enthusiasm among investors.
Excitement is everything in the world of alt coins, which have little inherent value and trade largely on hype. The developers and holders of these coins are constantly jockeying for attention, which is why some of them have turned to celebrity and influencer endorsements as a way to attract new investors. The line between good-faith marketing efforts and pump-and-dump tactics is…
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Source : fastcompany.com
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