Shiba Inu (SHIB) Burnt in the Last 24 Hours Mounts to Whopping 1.5 Billion

• The SHIB burn rate had increased by 300 percent to 929.52 percent.
• Shiba Inu has been down 2.26% in the last 24 hours.

Over 1.5 billion Shiba Inu tokens have been burnt via the Shiba Inu burn gateway in the last 24 hours. Since its introduction earlier this month, the SHIB burn portal has logged hundreds of SHIB transactions totaling thousands of dollars in value.

Tens of thousands of people have visited the Shiba Inu burn site. Nearly 410,000 Shiba Inu’s were claimed to have been scorched by the burn portal up to this point. Ultimately, burn portals’ primary objective is to increase demand and push up costs by limiting the supply.

SHIB Price Stays Unaffected

To calculate burns, three addresses are used: two dead wallets with no usable keys and tokens sent to the Genesis address (Black Hole), reducing the quantity of each of these coins by one. At the time of this writing, the SHIB burn rate had increased by 300 percent to 929.52 percent.

However, SHIB’s burn attempts have been abysmal in Shiba Inu pricing. Despite the token’s recent dismal performance, the Shiba Army, expanding rapidly, seems to be unaffected by the SHIB price. Despite the currency’s depreciation, SHIB was able to gain new users and expand its use.

SHIB acquired approximately 15,000 new wallet holders despite the wild decline of the crypto markets. This month or in June 2022, the SHIB army is excitedly awaiting the arrival of its Shibarium. If SHIB’s price goes up, it’s because of the enthusiasm generated by the launch. According to CMC, the Shiba Inu price today is $0.000012 USD with a 24-hour trading volume of $422,467,300 USD. Shiba Inu has been down 2.26% in the last 24 hours.