A burn of 144 million SHIB tokens was initiated by the Shiba Inu community, representing a 200% increase in the last 24 hours. This notable SHIB burn surge has been attributed to the introduction of a crypto card by the Shiba Inu Foundation.
On the 25th of July 2022, Shibaburn, the channel that monitors the rate at which SHIB tokens are destroyed, announced that there is a new turn to burning SHIB in the Shiba Inu community.
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In the tweet, the channel introduced an upcoming SHIB Burn Visa Card, which is designed to destroy a small number of tokens each time a Shiba Inu holder makes a payment.
Shibburn tweeted, “Shibburn is going in a new direction.”
Shibburn is going in a new direction. #shib #shibarium pic.twitter.com/IzcQMtvs6P
— Shibburn (@shibburn) July 24, 2022
The SHIB burn initiative has been effective since it was introduced. There are lots of events purposely established to make SHIB burn remains steady and this has been one of the best and most efficient tools for aiding the digital currency in the market as the supply controlled by retail investors is still very high.
Read Also: SHIB Burn: More Than 1.2 Billion Shiba Inu Tokens Burnt In One Week; BONE Minting Rate Declines
Shiba Inu (SHIB) in the Market
Shiba Inu (SHIB) has been trending back and forth over the past few months to reclaim its place on the market chart. Despite some stunning performances that are capable of restoring the glory of the top dog-themed token, the long-standing selling pressure has continued to humble the cryptocurrency in terms of price.
At the time of writing, Shiba Inu (SHIB) is trading at $0.00001049, with a 7.47% price downtrend in the last 24 hours, according to CoinMarketCap.
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