Main navigation

22.2 Billion SHIB Burned Within Week, 667 Million Removed in 24 Hours

News
Mon, 05/23/2022 - 09:39
article image
Yuri Molchan
During past week, community managed to destroy an astounding amount of Shiba Inu
22.2 Billion SHIB Burned Within Week, 667 Million Removed in 24 Hours
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News
Contents

According to a report by a SHIB burn tracker, more than 22 billion canine tokens have been taken out of circulation over the past week. Besides, more than half a billion Shiba were burned within the last 24 hours.

In the meantime, Shiba Inu has added nearly 10% today.

22.8 billion SHIB locked in dead-end wallets within seven days

Crypto burn tracker @Shibburn has reported that over the past week, multiple initiatives within the Shiba Inu fan community have eliminated a total of 22,200,398,699 meme tokens. Despite the mind-blowing figure, in USD this amount of SHIB is worth $279,281.

It took nearly 500 transactions to move this amount of SHIB to dead-end wallets, where they were locked permanently.

Shibburn also spread the word on Twitter that over the last 24 hours, more than 667.2 million Shiba Inu tokens have been burned by various businesses and individuals from the SHIB army. The burn rate has increased by nearly 41% compared to the previous one.

SHIBburnrate50rise
Image via Shibburn

Earlier today, SHIB bounced nearly 10%, printing two green candles on the chart.

SHIB adds 20,000 holders

Despite showing an over 86% drop below the all-time high of $0.00008 reached in October last year, the second most popular meme coin has added a large amount of holders since May this year.

Back in April, its number of holders comprised 1,139,000, whereas now it totals 1,167,079.

Related
Bitcoin on Track to Record 8 Straight Weeks of Losses

New global adoptions of SHIB

More and more businesses have started accepting Shiba Inu along with other cryptocurrencies recently. Among them, as covered by U.Today last week, is the producer of elite Swiss watches Tag Heuer.

Aside from that, SHIB will be accepted by thousands of restaurants in more than 60 countries globally thanks to a partnership between Lavu and Verifone, two payment solutions providers, the former working particularly with restaurants.

article image
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.