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Recent reports suggest that meme coin has once again experienced burning of Shiba Inu tokens could be seen as community’s efforts
In the recent SHIB army, the people behind the community-driven meme coin Shiba Inu have seen double their effort to destroy Shiba Inu coins. The community is on the mission of burning the second top canine crypto in order to minimize the staggering amount of circulating supply of the cryptocurrency. Several efforts have been made in the past now, one more added to those burns.
Recently the SHIB tokens burn tracker, Shibburn, reported the latest burn of Shiba Inu by the community and stated that Shiba Inu Army continued getting rid of their meme tokens for good. Those burnt tokens locked into the addresses from where they now cannot be spent otherwise or withdrawn for ever.
Shibburn shared the stats on its Twitter account and, as per the data showcased taken from etherscan, more than 230 million Shiba Inu in total have been burned in the past two days. In those recent burnt Shiba Inu tokens, the largest amount of tokens is 168,944,352 tokens — more than half of the total burnt meme SHIB is accounted for by just one wallet.
It seems like the recent burn started reflecting positively on the price of Shiba Inu tokens as, since March 24, the Dogecoin killer rose to 4.88%, according to the SHIB/USD chart on Binance and TradingView. Earlier, the price was around $0.00002505, which later increased upto $0.00002543.
Before this, data agency IntoTheBlock reported the growth in profitability that Shiba Inu showed. Previously this month, the price slid down to almost 35%, which after that bounced back and surged up to 41% later.
Further, it also indicated that on the same day, a staggering 200,588,182,473 SHIB token was acquired by an anonymous whale account for approx $5 million. The account made the transaction six days later than a previous purchase which resulted in a total of 3,914,263,607,418 SHIB tokens holding.
At present, the total amount in the current supply of SHIB tokens accounts for more than 549 trillion, which will eventually be decreased by frequent burning. At the time of writing, the price of the Shiba Inu coin dropped down by a slight margin and is trading at $0.00002436.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
