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- What – In the latest development, the Shiba Inu community has made an impressive move by destroying over 100 million SHIB tokens in just 24 hours.
- Why – The community achieved this by transferring the tokens to Shiba Inu’s dead wallet.
- What Next – a token-burning mechanism many crypto protocols utilize to regulate the number of tokens circulating in the market.
The move by the Shiba Inu community has decreased the total supply of SHIB tokens. In this way, the token’s scarcity will increase and drive up SHIB’s price in the market.
111 Million SHIB Tokens Burned In Ten Transactions
In the last 24 hours, the Shiba Inu Army has successfully destroyed a whopping 111,173,988 SHIB tokens through a series of ten transactions, revealed by Shibburn on Twitter. This collective effort of the community made to regulate the number of tokens circulating in the market and increase the value of the cryptocurrency.
SHIB Supper Store, a Uniswap-linked wallet, and an anonymous wallet were the three main SHIB token holders who initiated this burning process. The Uniswap-linked wallet, in a single transaction, sent 43,564,865 SHIB tokens to the dead wallet, burning a significant amount of Shiba Inu tokens.
On the other hand, the anonymous wallet contributed the largest amount of Shiba Inu tokens to the dead wallet over the past 24 hours. It transferred about 46,877,110 SHIB tokens through a single transaction, reducing the total supply of SHIB tokens in the market.
SHIB Super Store, a renowned SHIB Burn Project, also significantly impacted the burning actions. They permanently destroyed approximately 10,297,482 SHIB tokens in a single transaction through the SHIB Burn Portal, a platform that allows users to burn SHIB tokens easily.
Furthermore, in line with their commitment to the Shiba Inu community, SHIB Super Store conducted the Weekly Burn and Earn Event. Following the latest burn, the Burn Project distributed 10 million Shiba Inu tokens to the community members as a reward for their support.
This collective effort by the token community to burn a significant number of SHIB tokens is a clear demonstration of their commitment to maintaining the stability and value of the cryptocurrency. This move is expected to increase demand for the SHIB token and potentially drive up its value in the market.
Shiba Inu Weekly Burn Surges
Per the Shibburn report, Shiba Inu’s weekly burn of SHIB tokens has reached an all-time high. The Shiba Inu community has burned a total of 1,178,830,489 SHIB tokens over the past seven days through 26 transactions, marking a new record in cumulative burn rate.
Koyo, a relatively new token on the ShibaSwapDex exchange, is the major contributor to this burn rate. On April 9, Koyo moved an astonishing 1,104,224,812 SHIB tokens to the dead wallet in a single transaction, setting a new record for burning Shiba Inu tokens. Additionally, on March 17, Koyo burned 924.15 million SHIB tokens in a single transaction.
Despite the significant token-burning achievements, Shiba Inu’s price action has been lower. As of writing, SHIB is trading at approximately $0.0000111, indicating a 0.09% increase in the past 24 hours. However, its price has dropped by 2.68% over the past seven days.
According to CoinMarketCap, Shiba Inu is the 14th largest cryptocurrency with a market capitalization of $6.54 billion, a market dominance of 0.53%, and a 24-hour trading volume of $174.21 million.
The increasing burn rate of SHIB tokens signifies the Shiba Inu community’s commitment to maintaining the value and stability of the cryptocurrency. However, the drop in price over the past seven days suggests that market factors may be influencing the price action of SHIB. As a result, investors and traders in the cryptocurrency market will continue to monitor Shiba Inu’s performance closely.
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