Shibarium data has revealed that the SHIB army has burned more than a quarter of a billion SHIB in the past 24 hours. In 22 transactions, 276,280,888 SHIB were sent to dead-end wallets.
Interestingly, a mysterious wallet has also transferred the close to the same amount of meme- coins a total of 160,549,026 SHIB were burned. With the aim to mitigate the current supply of the Shiba Inu tokens, ShIB army regularly conducts burning.
Burning refers to the process of transferring tokens to “inferno” wallets so that they can’t be spent. Through burning the tokens are cut out of circulation which in return induces scarcity. The SHIB army with the burning aims to increase the price of meme-coin by reducing its supply.
SHIB’s Burn Rate Increased by 25%
The burn rate of Shiba tokens has risen by more than 25% in comparison to Friday, on August 26. From the circulating supply of SHIB, 410,378,568,111,971 are burned and now 558,186,954,742,224 SHIB are left. It will be a long time until the SHIB army reduces the supply significantly.
Approx. 300 million SHIB has burned by the new platform. SHIBABAE is actively participating in burning Shiba Inu. The platform is deployed on the Binance Smart Chain (BNB Chain). It trades on the PancakeSwap decentralized exchange
A twitter user who goes by the name @SHIBABAEtoken shared on the platform that 139 million SHIB have more than two weeks ago. Recently, they have transferred 160 million canine tokens to undependable wallets.
At the time of writing, the price of SHIB was trading at $0.00001235, a 3.02% rise in the past 24 hours. Meanwhile, the second-largest meme cryptocurrency, has slipped below Polygon (MATIC) and Dai (DAI) on CoinMarketCap. The meme-coin has dropped by almost 7% over the last week, reaching 14th position on CoinMarketCap list.
Source: https://www.thecoinrepublic.com/2022/08/29/new-burner-burns-300-million-shib-276-million-shib-disappears-in-24-hours/