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SHIB Army Burns 803 Million Shiba in 2 Hours, 272.5 Million Since Yesterday Morning

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Tue, 05/17/2022 - 14:50
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Yuri Molchan
Over a billion Shiba Inu have been removed over the past 24+ hours per a recent report, 283 million gone during a regular burn party
SHIB Army Burns 803 Million Shiba in 2 Hours, 272.5 Million Since Yesterday Morning
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Per data shared recently by @shibburn, over the past 24+ hours, more than a billion Shiba Inu tokens have been burned. Over the past few hours, almost 4x more SHIB were burned than since yesterday morning.

On May 15, almost 300 million Shiba were removed from circulation during a regular burn event.

1.075 billion SHIB gone

Shibburn has reported that since Monday morning, a total of 272,558,058 SHIB have been burned. After that, more transactions moving SHIB to dead wallets took place.

Among them were stashes, each burned within a single hour, that contained 593,261,563 and 209,610,670 Shiba Inu.

All these coins have been shifted to wallets from which they cannot be spent or withdrawn, so "burning" is nothing but a metaphor. This helps to reduce the amount of SHIB in circulation and attempt to help its price rise in the future when the coin becomes a lot more scarce than now.

Related
376 Billion SHIB Bought by Whale as Shiba Is Back on Top 10 Most-Traded Tokens List

Burn event removes 283 million SHIB, some Shiba bought on the dip

@shib_superstore Twitter account, which runs a shop selling mobile games of its own development and SHIB-branded goods, has announced that during a regular burn event on May 15, they managed to annihilate 283 million Shiba Inu.

The shop buys SHIB with some of the profits from advertising in games and from selling goods. Overall, since last year, they have destroyed 1,981,210,929 meme tokens.

The owner of the account tweeted that he had bought some Shiba on the dip, so the burn was not as big as it could have been.

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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.