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187.5 Million SHIB Burned as SHIB Prints Daily and Weekly Rise

Thu, 03/24/2022 - 13:31
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Yuri Molchan
Almost 190 million meme tokens have been sent to dead-end addresses over the past 24+ hours in an attempt to make SHIB more scarce
187.5 Million SHIB Burned as SHIB Prints Daily and Weekly Rise
Cover image via stock.adobe.com

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Crypto burn tracker on Twitter, @shibburn, has noted that from yesterday morning until now, nearly 190 million canine SHIB tokens have been sent to "inferno" wallets in order to try and make the second biggest meme crypto more scarce and reduce its circulating supply.

In the meantime, "dogecoin killer" SHIB has demonstrated mild growth in the past 24 hours and its price increased by almost 8% over the past week.

shibrise_00987
Image via CoinMarketCap

187.5 million SHIB burnt

A recent tweet by the aforementioned tracker shows that in the past 24+ hours, the circulating SHIB supply has been reduced by a total of 186,565,061 tokens.

The majority of those coins were burned with merely one transaction—168,944,352 SHIB. The transfer was made from the address 0x28c6c06298d514db089934071355e5743bf21d60.

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263 billion SHIB burned since 2021

On March 23, head of the Bigger Entertainment SHIB burning business, Steven Cooper, made an announcement that since October 2021, when the Shiba Inu community began to burn its tokens, a comprised of 263.4 billion SHIB were burned by various projects and individuals.

Two billion SHIB from that amount were burnt within 48 hours prior to the release of that tweet.

At the time of writing, the price of Shiba Inu is at the $0.00002438 level, as per data shared by CoinMarketCap.

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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.