- A huge number of Shiba Inu (SHIB) tokens were burned over the last 24 hours.
- The total amount of the initial supply of SHIB that has already been burnt now stands at 410,380,232,371,857.
- SHIB is trading at $0.00001291 after a 0.43% drop in price.
Shibburn took to Twitter on September 12 to announce that a huge number of Shiba Inu (SHIB) tokens were burned over the last 24 hours. According to the post, 60,848,839 SHIB tokens were burned in just 12 transactions in just one day.
In the past 24 hours, there have been a total of 60,848,839 $SHIB tokens burned and 12 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) September 12, 2022
For the uninitiated, burning SHIB means that users can send their SHIB tokens to burn addresses using the Shiba Inu Burning portal. The SHIB will no longer be retrievable from this wallet, which means that once the tokens are sent there, they will be lost forever.
The Shiba Inu burn portal was introduced in an attempt to help address the lowering demand for the coin. The idea is to burn as much as possible of the coin to reduce the supply of the coins, which, in turn, should increase the demand for the coin.
In other words, the burning of SHIB tokens is one of the strategies that Shiba Inu has implemented to increase the price of SHIB.
According to the Shibburn website, the total amount of the initial supply of SHIB that has already been burnt now stands at 410,380,232,371,857. This means that the current circulating supply of SHIB tokens stands at 559,508,536,264,002.
According to the crypto market tracking website, CoinMarketCap, SHIB is currently the 13th biggest cryptocurrency with a market cap of $7,082,658,429. At the time of writing, the meme coin was changing hands at $0.00001291 after a 0.43% dip in price over the last 24 hours. Despite this, SHIB is still up more than 2% over the last week.
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