Shiba Inu (SHIB) Burns out 111 million Tokens in 24 Hours

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Shiba Inu (SHIB) Burns out 111 million Tokens in 24 Hours

Last updated on May 18th, 2024 at 12:02 pm

Shiba Inu burns out tokens – The Shiba Inu community has collectively burned out over 111 million SHIB tokens. The action was carried out through ten separate accounts removing this much of the token from circulation in 24 hours.

This was reported by the @Shibburn tracker Twitter account. It reported that exactly 111,173,988 SHIB tokens were burned out. According to the report, the burn was carried out by “a mysterious wallet, a Uniswap-linked wallet, and the renowned SHIB Super Store.”

See the tweet below.

Shiba Inu Burn Rate Reaction

Though a large amount of Shiba Inu’s token SHIB was burned, there was a surprising reaction to the burn rate. The SHIB burn tracker Twitter further reports that the burn rate went down nearly 90%. This was mostly because over 1,106,171,150 (1.1 billion) SHIIB tokens were burned 48 hours before in three separate transactions.

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Shiba Inu (SHIB) burns out tokens in the Past Week

It was reported in the previous week that over 1,178,830,489 SHIB token was burned out in 26 transactions. Back in May 2021, Vitalik Buterin, Co-founder of Ethereum was gifted half of SHIB‘s total supply of 1,000,000,000,000,000 (1 quadrillion) tokens. However, he burnt over 410 trillion SHIB which is 90% of the tokens.

Furthermore, at the time of writing this post, the Shibburn website reports over 410,631,358,683,816 SHIB have been burned so far.

Shiba Inu’s (SHIB) Burn Transactions Breakdown

As stated earlier, the burn was carried out through ten separate transactions led by three major contributors “a mysterious wallet, a Uniswap-linked wallet, and the renowned SHIB Super Store.”

46,877,110 (46.87M) SHIB was transferred by the mysterious wallet to a dead wallet in a single transaction. The transaction was carried out about 21 hours from the time of writing.

Following that, another transaction was carried out by a wallet linked with Uniswap. In this transaction, a whooping 43,564,865 (43.56M) SHIB was burned from circulation.

Also, the popular “SHIB Super Store” project carried out a transaction. The project burned over 10,297,482 (10.29M) SHIB in one transaction using the SHIB burn portal.

The SHIB Super Store also gave out 10 million SHIB in reward to the community as part of its weekly burn and earn event. This giveaway highlights its commitment to the SHIB community.

See the tweet below.

Shiba Inu (SHIB) Price Today

Regardless of the massive burn, SHIB has risen by 1.91% at the time of writing. It is currently trading at $0.00001115 with a 24-hour trading volume of $163,678,556. Shiba Inu is placed at #14 in the CoinMarketCap rankings with a live market cap of $6,568,338,275.

Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.

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