Over the past 24 hours, the Shiba Inu community destroyed over 100 million SHIB by sending the tokens to Shiba Inu’s dead wallet, a token-burning mechanism that crypto protocols use to control the number of circulating tokens in the market.
SHIB Tokens Burned Through Ten Different Transactions
According to a Shibburn report, the Shiba Inu Army has collectively destroyed 111,173,988 SHIB tokens within the past 24 hours. The tokens were burned in 10 different transactions by members of the community.
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Three main SHIB holders; SHIB Super Store, an anonymous wallet, and a Uniswap-linked wallet – pioneered the burning actions. A wallet linked to Uniswap burned a large amount of Shiba Inu through a single transaction. The wallet sent 43,564,865 SHIB tokens to the dead wallet.
An anonymous wallet is the biggest contributor to the SHIB burning mechanism over the past 24 hours. According to the post from Shibburn, the unknown wallet moved about 46,877,110 Shiba Inu tokens to the dead wallet in a single transaction.
The renowned SHIB Burn Project, SHIB Super Store, has been significant in the burning actions. During their latest burning process, the Burn Project permanently destroyed about 10,297,482 Shiba Inu tokens using the SHIB Burn Portal. The burning process occurred through a single transaction.
Additionally, SHIB Super Store maintained the Weekly Burn and Earn Event for the Shiba Inu community. Following the latest burn, the Burn Project shared 10 million Shiba Inu tokens among the community members.
Spike In Shiba Inu Weekly Burn
Shiba Inu has witnessed a new high in its weekly burn of SHIB tokens. The cumulative burn rate increased to a record level last week.
Shibburn noted that the Shiba Inu Community had burned a total of 1,178,830,489 Shiba Inu tokens over the past 7 days. The tokens were burned through 26 different transactions within the period.
The top contributor to the burn was a new token on the ShibaSwapDEX Koyo. Shibburn data revealed that Koyo moved a whopping 1,104,224,812 Shiba Inu to the dead wallet on Sunday, April 9. It completed the transaction in a single transaction to set a new record level in burning Shiba Inu tokens. Also, on March 17, the new token burned 924.15 million SHIB through a single transaction.
Shiba Inu’s price action has been on the lower turn amid its huge token-burning feats. At the time of writing, SHIB is trading at around $0.0000111, indicating a surge of 0.09% over the past 24 hours. However, its price action over the past 7 days shows a drop of 2.68%.
According to CoinMarketCap, Shiba Inu ranks as the 14th top crypto coin with a market cap of $6.54 billion. Its market dominance is 0.53%, and a 24-hour trading volume of $174.21 million.
Featured image from Pexels and chart from Tradingview.com