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Shiba Inu Burn Portal Records More Than 20 Billion SHIB Burned Less Than Week After Launch

Sat, 04/30/2022 - 14:16
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Tomiwabold Olajide
Reports indicate that more than 20 billion SHIB tokens have been burned since portal went live on Sunday
Shiba Inu Burn Portal Records More Than 20 Billion SHIB Burned Less Than Week After Launch
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Shiba Inu's recently launched burn portal is still gaining a lot of traction less than a week after launch. In the first 24 hours after its launch, the official SHIB Twitter handle had reported a whopping eight billion tokens being burned as SHIB owners burned their tokens en masse. Now, less than a week after launch, this figure has more than doubled.

Presently, reports indicate that more than 20 billion SHIB tokens have been burned since the portal went live on Sunday. By burning SHIB tokens, users permanently remove them from the circulating supply by transferring them to a burn address. It is possible to make the token a little more scarce in this manner, potentially boosting the token's price.

Shiba Inu's recent developments

Shiba Inu-themed burger joint Welly has announced that the SHIB community will have a 15% ownership stake in its business. A portion of the earnings from all activities will go to the community. Also, the community will be able to decide whether to burn or use these tokens for another purpose. Welly had previously indicated its intention to burn a portion of the revenue received in SHIB tokens.

In other news, Shiba Inu's lead developer, Shytoshi Kusama, responds to naysayers on Shiba Inu and John Richmond's collaboration, saying, "Oh man... anyone who doubts the Shib x @JRichmondstyle collaboration is going to eat their words on a sesame seed bun. And if you don't think a supermodel wearing Shib designs isn't revolutionary, then there is nothing else I can say. But I'm sure clones will follow & get praise."

At the start of March, Shiba Inu announced its cutting edge partnership in the fashion world as the upcoming ramp walks might feature SHIB and John Richmond-themed ensembles.

Meanwhile, whales continue to accumulate SHIB as the price prepares for another major move. In recent hours, two top Ethereum whales bought nearly 200 billion SHIB.

The first SHIB purchase transaction reported by WhaleStats was that of Ethereum whale "Bombur," who bought the first 50,852,928,611 SHIB, or $1,153,852 worth. Another transaction reported by WhaleStats in recent hours pertains to that of ETH whale "BlueWhale0073," who bought another 143,334,055,785 SHIB, or $3,176,282 worth. In April, whales, or large holders, were quite prominent, famed for their Shiba Inu buying spree.

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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.