Main navigation

Record 25 Billion SHIB Burned by This New Burner in 2 Weeks: Details

News
Fri, 05/06/2022 - 12:15
article image
Yuri Molchan
Recently established SHIB burn portal has destroyed a massive 25 billion meme tokens within just two weeks of its launch
Record 25 Billion SHIB Burned by This New Burner in 2 Weeks: Details
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

A recently published tweet reveals that a whopping 25 billion SHIB have been burned by the newly launched burn.shibaswap portal within just two weeks since it began operating.

As for the past 24 hours, a total of nearly 290 million Shiba have been sent to dead-end wallets to be locked there for good.

25 billion SHIB burned in two weeks

The recently launched burn portal has been operating for roughly 14 days now, showing impressive results for the SHIB army. Within these two weeks, a total of 25 billion canine tokens have been moved to unspendable wallets.

A total of 25 billion Shiba Inu equal $496,500. On Saturday, April 30, the amount of destroyed Shiba tokens was 20 billion; this many Shib were gone within the first week of the portal's operation.

In the second week, the amount of burned Shiba rose by another five billion incinerated tokens. Burning is basically removing coins from the circulating supply as coins get locked in wallets from where they cannot be spent or withdrawn in any other manner.

The goal of this process is reducing the circulating supply to the moment where it becomes so scarce that its price starts going up.

290 million SHIB burned in 24 hours

Beyond that, a large amount of meme tokens has been removed, according to a recent tweet by @shibburn tracker of burn transactions related to Shiba Inu. A cumulative 288,386,480 Shiba have been sent to "inferno" wallets by various individuals and enterprises that burn Shiba Inu.

In other news, legendary fashion design company Gucci has announced that it has begun accepting cryptocurrencies—Bitcoin and other coins, including meme tokens Dogecoin and Shiba Inu.

Related
Shiba Inu and Dogecoin Now Accepted by Gucci

SHIB plunges 7%

Getting swept by the massive bloodbath caused by the Bitcoin price plunge, SHIB has lost another important level of $0.0002 and plunged over 7% in the past 24 hours.

At the time of writing, it is trading at $0.00001983 per token, per CoinMarketCap. The Bitcoin price fall has been caused by the recently announced interest rate hike of half a basis point, the biggest increase in 22 years, in an attempt to mitigate the rapidly growing inflation.

Stocks have been falling on the Nasdaq 100, S&P 500 and others, with Bitcoin and the whole crypto market following suit.

SHIBgoesdown7%_00ef
Image via CoinMarketCap
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.