Half-Billion SHIB transferred to dead addresses by Shiba Community

According to a recent tweet from the Shibburn crypto tracking tool, approximately half a billion Shib tokens have been relocated to dead addresses in the last 24 hours, thereby removing them from the circulating supply.

A billion Shiba Inu destroyed

According to a recent tweet, 55 transfers have shifted a total of 440,626,338 Shiba Inu canine tokens to wallets where they cannot be spent since last morning.

According to Shibburn, another 32,650,000 SHIB was burned in just two trades within hours of this report.

About SHIB

The Shiba Inu token is a base currency that allows investors to store millions, billions, or even trillions of dollars in their wallets.

Due to its international name and practical value, SHIB has been elevated hundreds of times and continues to expand its reach.

ShibaSwap, our proprietary DEX, is the first to list and incentivise SHIB.

SHIB is a decentralized experiment, hence we constantly encourage people to use DEXs. If you decide to use a CEX instead, do your homework beforehand to guarantee it is both safe and secure.

SHIB is a token created as an Ethereum-compatible Dogecoin substitute (DOGE). 

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SHIB, like DOGE, is designed to be plentiful, having a one quadrillion coin initial circulation supply. The Shiba Inu ecosystem also supports projects like the NFT art incubator and Shibaswap, a decentralized exchange.

SHIB was released in August 2020 by an unknown developer named Ryoshi. The project began with a total of one quadrillion tokens, which is a massive number.

Shib: Compatible with the Ethereum

A few distinct crypto exchanges let you to purchase, send, and receive SHIB. SHIB is also compatible with the Ethereum environment because it is issued as an Ethereum token.

Compatibility with Ethereum wallets such as Coinbase Wallet, availability on decentralized exchanges (or DEXs) such as UniSwap, and the possibility for SHIB to be integrated into ETH-based DeFi applications such as loan and savings products and NFT markets are just a few of the benefits.

Unlike DOGE, SHIB is compatible with the Ethereum environment, allowing developers to create crypto applications like ShibaSwap, a decentralized exchange that allows users to trade and stake tokens without the involvement of a third party. In the future, the Shiba ecosystem will be governed by an NFT platform and a DAO-based governance mechanism.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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