Altcoins

Shiba Inu Community Burns 603 Million Shiba Inu In One Day

During the last 24 hours, the community destroyed 603.24 Million Shiba Inu (SHIB).

According to a SHIB burn tracker report, more than 603 million canine-themed tokens have been taken out of circulation over the last 24 hours.

Crypto burn tracker Shibburn has reported that over the past 24 hours, multiple initiatives within the Shiba Inu fan community have eliminated a total of 603,240,815 (603.24M) tokens, worth $7,112 through 69 separate transactions carried via SHIB Burn Portal.

In the past 24 hours, there have been a total of 603,240,815 $SHIB tokens burned and 69 transactions. Visit https://t.co/t0eRMnzx3T to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) May 24, 2022

Shiba Inu Community benefits from low prices and aims to burn an astounding amount of Shiba Inu in this bear market. This is proved by the fact that in the past week, the SHIB Army has sent a whopping total of 22,200,398,699 (22.20B) SHIB tokens to the dead wallet through 497 separate transactions.

On the other hand, SHIB Burn Portal rewards the SHIB Burners with some healthy rewards in the form of Ryoshi Vision, an official partner token of the Shiba Inu ecosystem.

The first-ever ShibaBurn rewards have been officially distributed among Shiba Burners on May 17th, 2022. The community cheered the rewards, and soon after the distribution of rewards, a record burn of an extraordinary 12,421,420,499 (12.42B) SHIB, worth $143,964, was permanently removed from circulation on May 19th alone.

Impact of SHIB Burn on Price:

Shiba Burn is not impacting the asset price as the global crypto market is still under some mild selling pressure. However, the drastically reduced supply of Shiba Inu will undoubtedly show its influence once the next bull market comes around, reviving interest in the Shiba Inu once more.

At the time of writing, Shiba Inu is trading at the price of $0.00001166, down -6.65% over the last day, with a 24-hour trading volume of $538,392,736 ($538.39M).

   

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