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49 Million Shiba Inu Tokens Burned Amid SHIB's 15% Rise

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Tue, 03/01/2022 - 13:25
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Yuri Molchan
Another large portion of SHIB coins has been moved from the circulating supply, while the token shows a rise of over 15%
49 Million Shiba Inu Tokens Burned Amid SHIB's 15% Rise
Cover image via stock.adobe.com

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Crypto tracking service @shibburn has spread the word about another large amount of Shiba Inu meme tokens burned in 24+ hours.

Meanwhile, the second-leading canine cryptocurrency has surged over 15% since Monday.

Overall, in February, a total of 1.49 billion SHIB has been destroyed.

49 million SHIB incinerated by the community

@shibburn has published four consecutive tweets, informing the crypto community about the progress in SHIB burn operations conducted recently.

According to these tweets, in the past 24 hours, a combined 45,086,353 Shiba Inu tokens were sent to "inferno" wallets and removed from the circulating SHIB supply. It took 12 transactions to move this amount of SHIB to unspendable digital addresses.

That was followed by three more burn transactions, twice carrying 1,882,892 SHIB.

1.4 billion SHIB burned in February

Per another recent tweet posted by @shibburn, in the month of February, the SHIB Army managed to destroy a comprised 1,495,356,204 Shiba Inu tokens, taking 252 transfers to achieve that.

Related
Bitcoin Accumulation Rises at High Pace: Glassnode Data

SHIB bullish price action since Monday

The TradingView chart of the SHIB/USDT pair shows that since Feb. 28, the second most popular meme cryptocurrency has surged by 15.35%—from $0.00002289 to the $0.00002641 level.

The rise of Shiba Inu is taking place as part of the whole cryptocurrency market reverses toward the north, thanks to the increase of the Bitcoin price. The leading digital asset overtook the $40,000 level on Monday, and today it surpassed the $44,000 threshold briefly, causing Ethereum to recapture the $2,800 mark and the rest of the crypto market to return to the green zone.

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Image via TradingView
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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.