Wednesday, February 21, 2024

229 Million Shiba Inu Tokens Burnt, Prices Jump

The burn graph given on the website of Shib burn shows that the burn rate has increased by 75% in the last 24 hours. As of writing this news, 127,016,986 SHIB tokens have been burned in the last 24 hours.

The burn rate of Shiba Inu is increasing rapidly. The latest data shows that 229 million Shiba Inu tokens have been burned in just 11 transactions. This is not the first case of such a large number of tokens being burnt. Earlier, in the last week of May also, 500 million SHIB tokens were burnt within 24 hours. These have been locked in wallets that have been shifted to dead end wallets (wallets after leaving which tokens cannot be put back into circulation). The same has been done with the newly burned tokens.

Must Read: Why You Should Own Verasity Coins

Shibburn, a platform that tracks the burning activity of the Shiba Inu, reported that more than 229 million SHIB tokens were burned between June 7 and June 8. These tokens have been shifted to the dead end wallet, from where they can never be used again. Talking about the exact number, the platform says that a total of 229,165,044 Shiba Inu tokens were moved within 24 hours and these tokens have been transferred through 11 transactions.

A report by U.Today stated that game developer Travis Johnson’s shop burned 56,000,000 SHIB tokens on Saturday. The project uses some of its profits from selling ads in its mobile games and selling SHIB-branded merchandise and accessories to buy Shiba Inu, which is then moved to a dead-end wallet every Sunday.

Judy Smith
Judy Smith
Being in love with communications and human relations I found myself in Journalism. Another passion of mine is the crypto world and I believe in crypto future. So I have spent the past 8 years studying as much as I can and sharing my own experiences with people. I am writing now about new trends - how crypto keeps changing the world, businesses and our future.

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