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Shib Army Burns More Than 700 Million SHIB, Decreasing Token Supply Further

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Tue, 05/03/2022 - 15:07
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Yuri Molchan
Slightly under one billion Shiba have been burned thanks to efforts of various burn initiatives that strive to diminish its supply
Shib Army Burns More Than 700 Million SHIB, Decreasing Token Supply Further
Cover image via stock.adobe.com

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As reported by @shibburn crypto tracking service, over the past 24+ hours, almost three-quarters of a billion SHIB has been burned, i.e., sent to dead cryptocurrency wallets.

706 million SHIB removed from circulation

A recent tweet by the platform shows that over the past 24 hours, the SHIB community has locked a total of 697,829,091 meme tokens in dead wallets, taking 52 transactions to achieve that.

Within the past few hours, the amount of burned Shiba has risen to 706,186,411 coins.

The goal of "burns" in the case of crypto is to reduce a coin's supply and push as many coins out of circulation as possible in order to push the price up.

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438.4 Million Dogecoin Moved to Robinhood for Fee That Easily Beats Any Bank

Upmarket yacht company now accepts SHIB

Camper & Nicholsons, a luxury yacht charter and brokerage company, has struck a strategic partnership deal with BitPay crypto payments processor, and now the former will begin to accept digital currencies for its services: buying, chartering, etc.

Among the cryptocurrencies BitPay works with is Bitcoin, Ethereum, Bitcoin Cash, Dogecoin, etc. As of 2021, BitPay has also been working with Shiba Inu, the second largest meme cryptocurrency.

Camper & Nicholsons is one of the largest yacht companies globally and was founded in 1782. At present, it boasts 11 offices on four continents, operating more than 140 yachts for providing its services.

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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.