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SHIB Burn Rate Spikes 256.13% as 176 Million Tokens Get Burned

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Tue, 23/08/2022 - 15:12
SHIB Burn Rate Spikes 256.13% as 176 Million Tokens Get Burned
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The SHIB army continues to gradually remove small lumps of Shiba Inu from the circulating supply, burning tokens every hour.

This time, they have managed to raise the burn rate by sending over 176 million meme tokens to dead-end wallets.

Burn rate soars, 176 million SHIB burned

The Shibburn platform that burns SHIB and tracks burn transactions of other users and organizations has shown on its website that, thanks to a large number of recently burned canine tokens, the burn rate of Shiba Inu has increased by a massive 256.13%.

According to the data shared by Shibburn, which it took from Etherscan, over the past 24 hours, the Shib army has managed to send a total of 176,545,974 Shiba Inu, taking 29 transactions to achieve that.

Eleven minutes ago, according to the same source, nearly one third of the total amount of burned SHIB mentioned above was sent to an "inferno" address in a single transfer: 49,250,514 tokens.

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1.4 Trillion SHIB Sold by Whales Overnight as SHIB Drops to 5th Place Among Holdings

New SHIB burn portal emerges on horizon

As covered by U.Today over the weekend, @shib_superstore Twitter account that represents the shop of game dev Travis Johnson, announced that the shop has listed a new website that burns Shiba Inu.

However, it burns canine tokens based on website visits, while the shop allows the authors of the games presented there to earn some income. However, Johnson believes that this new website could be useful in shilling SHIB burns to non-SHIB holders.

On Sunday, @shib_superstore managed to remove 49.5 million Shiba Inu worth $609 at the exchange rate on that day. By now, the overall amount of SHIB destroyed by this project since it kicked off last year totals 3.74 billion meme tokens.

Earlier this year, the shop of Travis Johnson was added to an affiliate program of Amazon. Now, he is burning SHIB tokens using the commissions earned on that too.

According to an earlier tweet, so far in August, nearly 23 million Shiba Inu have been burned.

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