Main navigation

More Than 16 Million SHIB Burned as Community Prepares for Larger Burn Event: Details

Fri, 03/11/2022 - 11:46
article image
Tomiwabold Olajide
Presently, 7,814,240 SHIB have been added to the burn pot
More Than 16 Million SHIB Burned as Community Prepares for Larger Burn Event: Details
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Data shared by the Shibburn Twitter account shows that in the past 24 hours, the SHIB community has burned 16,444,334 SHIB tokens, thus removing them from circulation. That amount of crypto was shifted in five transactions.

After reaching the one million milestone in late 2021, Shiba Inu has added nearly 200,000 new holders since then. According to data from WhaleStats, Shiba Inu's current total holder count stands at 1,197,035, reflecting growth in this aspect. In terms of market price, the rise in the number of holders may not directly impact the token. But from the perspective of primary growth, this might be a positive sign.

AMC Theatres, the biggest cinema chain in the world, has finally started accepting Shiba Inu after teasing the community for months. As reported by U.Today, AMC was originally supposed to add support for the canine coin on its website and mobile app on March 19, but the addition happened more than a week earlier.

Community gears up for bigger burn event

As seen on the Bigger Entertainment website, the next burn party event, ''NFT Madness'' slated for April 3, plans to burn 600 million SHIB. Presently, 7,814,240 SHIB have been added to the burn pot. The previous party occurred on Feb. 14 when 240 million tokens were burned.

The company started burning SHIB in late October and, since then, has sent a whopping 1,414,967,476 tokens to the dead wallet, removing them from circulation. Steven Cooper earlier stated that Bigger Entertainment had inspired hundreds of other teams in the SHIB community to start burning tokens to reduce the initial supply of one quadrillion and push the price of the meme crypto up.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.