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15.43 Million SHIB Burned as Token Plunges 12%

News
Thu, 02/24/2022 - 16:51
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Yuri Molchan
SHIB loses over 23 percent in the past week, but the SHIB army keeps destroying these meme tokens by sending them to dead crypto addresses
15.43 Million SHIB Burned as Token Plunges 12%
Cover image via stock.adobe.com

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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.

SHIBburned_24hrs_0012
Image via Twitter

Tokens get “burned” by getting moved to wallets from which they cannot be spent or withdrawn, thus they are not included the circulating amount of the other tokens issued by the platform.

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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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.