Meme token Shiba Inu Community successfully burned 1,915,379,282 (1.91 billion) SHIB in 50 separate transactions.
32 Million Shiba Inu Tokens Burned In 24 Hours, 1.9 Billion Memes In One Week
This represents a massive 63% increase in burn rate compared to the previous week when 1,178,830,489 (1.17 billion) SHIBs were removed from circulation in 26 separate transactions.
Finally, the Uniswap-associated wallet also marked the week as the fourth biggest SHIB burner. The wallet burned 43,564,865 (43.56 million) SHIB in a single strong transaction on April 9.
The burning was accomplished by sending tokens to a dead wallet, effectively removing them from the active supply. This move was welcomed by members of the community, who saw it as a positive step towards ensuring the long-term success of the project.
The decision to burn SHIB tokens was made in response to concerns about the large circulating token supply, which is seen as a potential obstacle to the growth and sustainability of the project.
This move is also in line with the broader trend in the cryptocurrency industry to reduce supply and increase scarcity.
The Shiba Inu Community has collectively retired 32,026,199 million SHIB in ten separate transactions in the last 24 hours.
In the past 24 hours, there have been a total of 32,026,199 $SHIB tokens burned and 10 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more.
— Shibburn (@shibburn) April 17, 2023
The biggest burning of the day came from the well-known SHIB incineration project SHIB Super Store. The individual incineration project burned 9,245,529 (9.24 million) SHIB in a notable operation.
In addition, SHIB Super Store has officially confirmed that 9.1 million SHIBs have been distributed among the Community as rewards.
Intense Shiba Inu burning activity helped the price of SHIB increase by 7% in the past week. The Shiba Inu is trading at $0.00001166, up 2.2% on the last day, with a 24-hour trading volume of $374.493,817.
*Not investment advice.
