Shiba Inu, one of the hottest communities in the crypto ecosystem at the moment, has been enjoying the burning spree of the digital token SHIB and there is no sign of stopping as more of the token continues to burn in large quantities on a daily basis.
The SHIB burning is an initiative that allows sending part of the tokens to a dead wallet so as to reduce the amount of the tokens in circulation, in a bid to drive the price up and to also maintain its stability in the crypto market.
Read Also: Shiba Inu and Dogecoin Now Accepted By New York-Based Jewelry Collection via BitPay
According to recent Etherscan data as shared by Shibburn, over the past seven days, Shiba Inu community members have been willingly destroying a part of their accumulated SHIB tokens for the progress of the whole community.
As the report says, over 322 million SHIB tokens were permanently removed from circulation in 52 transactions, while about 57 million of the token were destroyed on Sunday alone.
Shibburn tweeted, “In the last 7 days, there have been a total of 322,633,272 SHIB tokens burned and 52 transactions.”
According to the latest update on the Shibburn Twitter account, a total of 61,668,406 SHIB tokens were burned in the past 24 hours. A second check on the account shows that the burn has been non-stop in the past hours.
“In the past 24 hours, there have been a total of 61,668,406 SHIB tokens burned and 26 transactions. So far, a total of 410,301,786,398,738 SHIB tokens (41.03018%) have been burned from the initial supply of 1 quadrillion.”
Read Also: Shiba Inu (SHIB) Goes Live On the Regulated Crypto Trading Platform Uphold
As reported a couple of days ago, the Shiba Inu community is having a special event on 14th February 2022. The SHIB burn party hosted by Bigger Entertainment is scheduled to play out on Valentine’s Day at 2:00 p.m. CST.
At the time of press, a total of 410,301,786,398,738 SHIB tokens have been removed permanently from the circulating supply, according to Shibburn.
HO CHI MINH, Vietnam, 17th November 2024, Chainwire
Standard Chartered's bold prediction of Ethereum (ETH) reaching $10,000 has set a bullish tone for…
Major cryptocurrencies are capturing significant attention as influential investors shift focus toward assets with promising…
Cryptocurrency investors are on the hunt for digital assets that can deliver exponential returns in…
BOOM! The Trump administration just smashed open the gates for the crypto bull run of…
In a recent development, SEC Chair Gary Gensler attempted to frame his regulatory actions against…