Shiba Inu Community Increases Token Burning

Shiba Inu $0.01 in a short period of time
  • The largest SHIB burning has been carried out for a total value of 39 million dollars.
  • In an effort to reduce inflation, the Shiba Inu burned over 100 million tokens in one week.
  • With a market value of $6.9 billion, Shib is the 13th largest cryptocurrency, behind only Polkadot (DOT).

Last week, the Shiba Inu community destroyed nearly 98 million tokens in a transaction that helped the asset achieve double-digit gains.

In the previous seven days, 98 million SHIBs were burned, and on the previous day, users transferred 9 million tokens to a dead wallet. Shibburn reports that SHIB holders reached that number through 36 different transactions.

The largest burn, for a total of 39 million SHIBs, occurred on February 13 and was carried out by an anonymous Binance user through seven different transactions. A regular contributor to the burn process, SHIB Super Store, revealed via Twitter that it had destroyed more than 8.7 million SHIB tokens.

“In the last 24 hours, there have been a total of 9,891,603 SHIB tokens burned and 3 transactions,” Shibburn, a community-run burn tracker, tweeted.

SHIB is trading at $0.00001253 at the time of writing this note, 4.04% less than 12 days ago, after the week’s burning. SHIB, which is ranked 13th, has a market value of $6.9 billion and a 24-hour trading volume of $267 million.

Although the burn numbers look excellent, a closer look reveals that the burn rate has been steadily declining due to less network activity. According to experts, the drop in burn rates may be related to the inability of initiatives to capitalize on market trends and the lack of a specific use case.

The Baby DogeCoin (BABYDOGE) meme token surged roughly 60% the following week after burning more than 81 billion tokens in a single day.