322.6 Million SHIB Burned in 7 Days as Shiba Inu Community Prepares For Feb.14 Burn Party

Shiba Inu Burn Rate Sees 31,000% Rise As 2.25 SHIB Destroyed in a Day

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.

Over 322 Million SHIB Burned in the Last 7 Days

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.”

Next Burn Party Slated For Valentine’s Day

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.

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Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over seven years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.