Main navigation

Amazon Proved to Be SHIB "Solid Daily Burner": SHIB Burn Portal

Wed, 08/03/2022 - 14:26
article image
Yuri Molchan
This platform keeps burning Shiba Inu via Amazon on daily basis, while SHIB has turned 2 years old
Amazon Proved to Be SHIB "Solid Daily Burner": SHIB Burn Portal
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

Twitter account @shib_superstore, which represents a SHIB burn platform set up by Travis Johnson's gaming shop, has reminded the SHIB army that its experiment with burning meme tokens via Amazon has proved successful on a daily basis.

However, the SHIB burn rate overall does not look good for the token's price so far.

Amazon is "solid daily burner"

@shib_superstore has been burning Shiba Inu via an Amazon affiliate program for a few months now. Earlier today, Travis Johnson tweeted that this program on the e-commerce giant has proved to be "a solid daily burner" for SHIB, allowing him to remove from 426,621 to 4,212,299 meme tokens from circulation per day.

However, these cost $5 and $50 in fiat. Thus, the maximum amount of SHIB that can be destroyed via Amazon per month is 122,306,201 ($1,500), along with the other sources of burning SHIB that this platform uses – YouTube and mobile phone games.

On Aug. 2, this platform managed to burn a total of 2,588,178 Shiba Inu worth $32, according to an earlier tweet.

According to another popular Shib burn initiative, over the past 24 hours, 60,319,152 tokens have been burned, with the burn rate of SHIB dropping by 61.2%.

Overall, over the past week, just 0.0002% of the SHIB supply in circulation was burned (1.13 billion tokens worth $13,500), as covered by U.Today. This burn rate is hardly enough to make the coin's price skyrocket in the near future.

SHIBburn_rate00wefdsonk
Image via Shibburn

Related
Hundreds of Millions of XRP Transactions Pop Again as Ripple Address Raises Stakes

Shiba Inu turns 2 years old

The official Twitter account of SHIB on Twitter, @Shibtoken, announced on Aug. 2 that it had been two years since the launch of the canine coin.

It was created by anonymous founder Ryoshi in 2020 and, according to the tweet, it has become one of the biggest and most dedicated crypto communities on the market.

Over that time, the coin's price has grown 14,740,620.8%, rising from the all-time low of $0.000000000082 on Sept. 1 two years ago to the current exchange rate of $0.00001204 per token, thus eliminating six zeros.

In October last year, the coin reached a historic peak of $0.00008845 and is currently trading 86.39% below that, according to CoinMarketCap.

As for SHIB creator Ryoshi, on May 30, he erased all of his notes on social media, choosing to disappear and thus copycatting the fate of Satoshi Nakamoto – the mysterious creator of Bitcoin.

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.