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Shiba Inu on Fire as Nearly 13 Billion Tokens Burned in the Last 24 Hours

Cryptocurrency May 19, 2022 05:30AM ET
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Shiba Inu on Fire as Nearly 13 Billion Tokens Burned in the Last 24 Hours

A month ago, Shiba Inu’s developer team introduced a new token burning tool ShibBurn. The website rewards Shiba Inu users who decide to burn a custom amount of SHIB coins.

The meme cryptocurrency gets burned when a user sends SHIB coins to a dead wallet, thus removing it from circulation. In a nutshell, the Shib Army’s main goals by encouraging such action are to trigger market price increase and fuel the need to buy coins.

One Wallet Burns a Whopping 10 Billion SHIB Coins

The current SHIB burning trend ignited a record – one unknown wallet set over 10 Billion SHIB on flames just yesterday (that’s about $124,000). Moreover, yesterday ShibBurn.com faced a massive increase in tokens burned – nearly 800% more. That’s so far the most successful day in the burning portal’s history.

Needless to say, it’s mostly fueled by the new reward system powered by RYOSHI. The RYOSHI token has seen a slight increase by 1.9% in the last 24 hours, now trading at $0.000000006147. RYOSHI is a new ‘decentralized, deflationary, community-driven token that has it all’, according to the official website. On the other hand, Shiba Inu (SHIB) is currently trading at $0.00001163 and has seen a 5.86% decline in the last 24 hours, according to CoinGecko.

In order to understand the burning process, check this article:

What Does It Mean When SHIB or DOGE See Record Burning?

Close to Half of Shiba Inu Coins Set Ablaze

There’s over 410,361 billion of SHIB tokens burnt already, TrackShiba reports. Besides, there’s a maximum amount of 1 quadrillion of Shiba Inu coins, meaning that 41% of it was set aflame already. Will this ignite a boost in Shiba Inu’s price? That depends on a couple of factors, but since Shiba Inu’s social following caught up with rival Dogecoin, it looks like Shiba stands a chance at surviving the ongoing crypto winter.

Continue reading on DailyCoin

Shiba Inu on Fire as Nearly 13 Billion Tokens Burned in the Last 24 Hours
 

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Comments (2)
xx Gen
xGen May 21, 2022 3:21AM ET
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LOL 13 billion out of 550 trillion. Drop in the ocean.
Norma Austin
Norma Austin May 19, 2022 4:41PM ET
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I TOTALLY LOVE IT.
 
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