Shiba Inu (SHIB): Over 50 Million Tokens Burned!

Like most cryptocurrencies, the Shiba Inu (SHIB) has been declining since the beginning of 2022. Memcoin has recorded a decline of almost 88.36% so far. This is despite numerous measures to reduce the supply of SHIB in circulation. Decreasing the quantity of a digital asset is intended to increase the price. Among the measures taken to achieve this goal is incineration. Indeed, more and more tokens are being burned in the market. Find out the number of SHIB tokens burned during recent transactions.

410,382,016,984,249 SHIB tokens have already been burned.

Data from the Shibburn website shows that so far 410,382,016,984,249 SHIBs have been burned on initial placement. It appears that the burning rate of Shiba Inu crypto tokens has increased by 584%. Specifically, 50,802,530 SHIB tokens have been burned in six transactions in the last 24 hours.

A large number of burned tokens!

Last week, the SHIB token burn rate increased by 300%. Nearly 2 billion SHIBs were then burned. 48 transactions contributed to the burning of 395,803,998 SHIB tokens. By Sunday, October 16, Shibbern had 10,757,815 SHIB burns across six transactions. These amounts have been added to hundreds of millions of SHIBs burned since the beginning of the month.

Whales make many moves in the market

The data shows a slight increase in large transactions. This shows that large Shiba Inu (SHIB) holders are currently making moves in the memcoin market. It seems that whales are causing strong spikes in the market of this cryptocurrency.

SHIB whales are buying or selling more and more. It has been observed that each of their transactions often exceeds $100,000. Over the past 24 hours, the number of large transactions in the SHIB market has increased by 31%. Shiba Inu (SHIB) cryptocurrency trading was trading above the $0.000010 mark per token.

The SHIB token is currently trading on crypto exchanges for around $0.0000103. This represents a slight drop over the past 24 hours. However, at the same time in 2021, the Shiba Inu (SHIB) market was on an upward trend. Indeed, Memcoin managed to hit an all-time high of $0.000088.

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Avatar of Luke Jose Ajinaku
Luke Jose Ajinaku

The failed cryptocurrency investment in 2017 not only did not dampen my enthusiasm, but only increased my enthusiasm. Therefore, I decided to study and understand the blockchain and its many applications, as well as pass on information regarding this ecosystem with my pen.

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