- Shiba Inu burning has slowed down compared to previous weeks and months.
- Up to 174 million SHIB were burned in the last 24 hours.
- Meanwhile, there were over 500 million SHIB burned in the last 7 days.
The number of Shiba Inu (SHIB) tokens being burned has slowed down in the last 7 days, as records indicate that there were only more than 500 million SHIB that has been removed from permanent circulation.
According to transactions recorded on shibburn.com, the exact figure is 533,772,840 SHIB, with 174 million burned in the last 24 hours.
In the past 24 hours, there have been a total of 174,089,136 $SHIB tokens burned and 15 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) August 10, 2022
In contrast, the previous week saw SHIB holders burn up to 600,000 tokens. This contributed to the total burned amount of 5.3 billion SHIB since July.
At the time of writing, SHIB is changing hands at $0.000012 per token, according to CoinGecko. This is a considerable increase, as the token witnessed its recent lowest at $0.0000072 (five zeros) in June and $0.0000099 (five zeroes as well) in July.
For those who may not be familiar with burning, this is a practice commonly used in various financial markets to improve the valuation of a particular asset. In the crypto industry, this means sending tokens to an address that nobody uses nor accesses. This promotes scarcity, thereby increasing the value of tokens that remain in circulation.
However, in the case of SHIB, there is no strong evidence to suggest that the continuous token burning is a chief reason for the surge of the Dogecoin (DOGE) rival’s price. In contrast, Dogecoin remains firmly planted at the 11th position in terms of market capitalization. Specifically, DOGE has a $9.1 billion market capitalization, while SHIB is at $7.1 billion.
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