Sunday, November 27, 2022
 

More Than 60 Million Shib Tokens Burned in Just 12 Transactions

  • 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.

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.

Shiba Inu Supply (Source: Shibburn.com)

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.

SHIB / Tether US 1D (Source: CoinMarketCap)

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.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

  • 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.

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.

Shiba Inu Supply (Source: Shibburn.com)

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.

SHIB / Tether US 1D (Source: CoinMarketCap)

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.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

 

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