As reported by Shibburn, a tracking platform focused on transactions that reduce the current circulating supply of the Shiba Inu canine token, within the last 24 hours, the SHIB army has managed to burn more than a quarter of a billion SHIB.
Another big lump of SHIB gets burned
The overall amount of Shiba sent to dead-end wallets in the past day and night comprises 276,280,888 tokens in 22 transactions.
Besides, close to the same amount of meme coins was burned in a single transfer by a mysterious wallet — a total of 160,549,026 SHIB.
Burns are performed by the SHIB army on a daily basis in order to reduce the amount of Shiba Inu tokens circulating on the market at the moment. Burning implies sending tokens to "inferno" wallets, from which they cannot be withdrawn or spent, basically getting locked there and pushed out of circulation, so a coin becomes more scarce. The SHIB army burns its coins in hope that when the coin becomes scarce, its price will spring up the chart.
Compared to Friday, the burn rate has gone up by over 25% by now. Overall, a total of 410,378,568,111,971 SHIB tokens have been burned from the circulating supply. But there are still 558,186,954,742,224 SHIB in circulation out there and it will take a long time for the SHIB army to reduce it significantly.
This new platform has burned nearly 300 million SHIB
A new SHIB spin-off build on the Binance Smart Chain (BNB Chain) that trades on the PancakeSwap decentralized exchange, SHIBABAE, is also taking part in burning Shiba Inu.
In a recent tweet, a Twitter account related to it, @SHIBABAEtoken, announced that more than two weeks ago they burned 139 million SHIB, and just recently they removed another 160 million canine tokens, sending them to unspendable wallets.