As the crypto market continues to fall with Shiba Inu losing roughly 12 percent in the past 24+ hours, over the same period of time almost 15.5 million SHIB have been burned.
The news was reported by the @Shibburn Twitter account, whose website aggregates detailed data on SHIB burn transfers from the etherscan tracker.
Tokens get “burned” by getting moved to wallets from which they cannot be spent or withdrawn, thus they are not included the circulating amount of the other tokens issued by the platform.
Meanwhile, the cryptocurrency markets continue to dive deeper in the red. In the last 24 hours, meme token Shiba Inu has lost approximately 12 percent, dropping to $0.0000231 by now.
In the past seven days, the Dogecoin rival SHIB has lost more than 23 percent of its market value.
At press-time, SHIB remains on spot 14 on the CoinMarketCap scale with the market capitalization of $12,613,387,270.