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Shiba Inu Community Removes 180 Million SHIB from Circulation

News
Tue, 04/05/2022 - 09:25
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Yuri Molchan
Another substantial amount of meme tokens have been burned, but the price remains unaffected
Shiba Inu Community Removes 180 Million SHIB from Circulation
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Contents

The SHIB Army continues to reduce the circulating supply of the second most popular meme cryptocurrency, Shiba Inu, by burning tokens. Every 24 hours, a certain amount of SHIB gets burnt in an attempt to gradually make the SHIB supply in circulation shrink and make the price spike.

As another large stash of SHIB has been destroyed by various burners—businesses and individuals—the price of the coin remains unchanged.

Almost 180 million tokens burned

The team of the @shibburn token burn initiative has announced that in the past 24 hours, a comprised 179,387,035 SHIB have been sent to dead addresses, which do not allow for withdrawing or spending the coins in any other way.

This amount of crypto constitutes $4,793 in fiat.

Related
Shiba Inu-Themed Burger Chain to Actively Participate in SHIB Burn Process

SHIB added by popular crypto ATM chain

On April 4, it was reported that the Bitcoin of America network of crypto ATMs had added Shiba Inu, following the addition of Ethereum and Dogecoin to the range of coins this chain works with.

Now, users can buy these cryptocurrencies from Bitcoin of America kiosks, along with BTC. Dogecoin was added by the network in February, causing the price of the meme coin to spike.

In other news, the two largest meme coins by market cap, DOGE and SHIB, are now accepted by the MeatmeCA company based in Vancouver as a payment option.

The company is accepting crypto payments via BitPay service. Aside from SHIB, the meat shop now accepts DOGE, Bitcoin, Ethereum, Litecoin and USD-backed stablecoins GUSD and USDC.

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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.