The Shiba Inu community is working to reduce the massive supply of the meme coin. Over the past months, the SHIB community has been burning tokens, but the supply is still on trillions of coins.
Shiba Inu posted a tweet sharing data from Etherscan. The data showed that during the past 24 hours, around 19 million SHIB tokens had been burnt. These tokens have been permanently taken out of the total supply.
Shiba Inu community working on token burning
The SHIB community has been working together to burn tokens and reduce the total supply. Several groups inside the community have been taking the initiative to do a token burning. Ten transactions have been done by the community to reduce this supply.
Currently, 41.0302% of the total SHIB supply has been burned, equating to 410.34 trillion tokens. When the SHIB token was launched, the initial supply sat at one quadrillion tokens. With the token supply almost halved, the community still needs to burn trillions of the coins for the burn process to have any significant impact.
“In the past 24 hours, there have been a total of 17,081,193 SHIB tokens burned and 10 transactions,” the tweet read. Shortly after this post, an additional 1,882,892 tokens were sent to a dead wallet.
More SHIB burning on the way
The SHIB token burn is not yet over. On February 14, another SHIB burn party will be conducted. The party will be hosted by Bigger Entertainment crypto record label. The burning process will be live on YouTube. A similar burn event happened on December 26 when 239 million SHIB tokens were taken out of the total supply.
On this day, more SHUIB tokens could be burned than recorded during the previous burn process. The founder of Bigger Entertainment, Steven Cooper, posted a tweet calling upon the Shiba Inu community to partake in the token burning process.
He noted that members of the SHIB community should come together and support the event by buying a ticket. The ticket will be purchased for $5. The money raised in buying these tickets will be directed towards buying SHIB, and these tokens will be burned.
Cooper also stated that this burning event will be different from those in the past. He stated that members of the SHUB community can burn SHIB tokens by joining the live video on YouTube.
Your capital is at risk.
Read more:
Source: https://insidebitcoins.com/news/etherscan-data-shows-18-8-million-shib-tokens-have-been-burned