The second largest meme cryptocurrency shiba inu Another great burning took place by the community. As a result of intense burns, the burn rate of the popular meme coin skyrocketed.
A tracking platform that actively burns SHIB and can track the amount of SHIB tokens burned by the Shiba Inu community. @shibburn announced a big burn that took place today. In total, over a quarter billion Shiba Inu have been destroyed in the last 24+ hours, according to a recent post by the platform sharing data it collects from etherscan.
In the past 24 hours, there have been a total of 287,321,056 $SHIB tokens burned and 12 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) April 23, 2022
287.3 million SHIB removed from the market
In a post he made today, Shibburn stated that a total of 287,321,056 meme tokens have been sent to “inferno” wallets in the last 24 hours from their website. Tokens “burned” in this way are permanently removed from circulation and this is expected to drive the price up in the near future.
According to the SHIB burn page on the website, it took 12 transactions to send this quarter-billion-dollar SHIB to dead addresses. The largest stack of SHIB burned was 200,026,215 and these Shiba tokens were destroyed about 22 hours ago.
SHIB burn rate skyrocketed
Coin burn is a method used to keep the market value of crypto assets high and to try to stabilize inflation. In theory, when most of a coin’s supply is removed, there is an increase in demand for that coin, and the price skyrockets as a result.
Shiba Inu started his adventure in the crypto market with an initial supply of 1 quadrillion. However, the Ethereum-based Dogecoin alternative cryptocurrency later locked half of its token supply in Uniswap, gifting the remaining half to Ethereum co-founder Vitalik Buterin in the hopes that its influence and popularity would give the coin legitimacy or function as a token burn, and has since become huge. continued to burn large amounts of coins. As a result of all these supply reduction moves, Shiba’s circulating supply has only decreased to 552,340,224,547,464 tokens.
According to data from the Shibburn website, the burn rate of the second most popular meme cryptocurrency has increased by an incredible 8309 percent in the past 24 hours.
Shiba Inu payments continue to expand
The latest move from BitPay excited Shiba investors. With the platform’s addition of four new partners, another great opportunity has arisen for meme coin payments to expand to millions of users worldwide.
Crypto payment processor BitPay has announced that it has added two new exchanges and two new wallets to its payment systems. These platforms included top crypto providers Bitso, Bitstamp Edge, and Guarda.
Bitso and Bitstamp, two leading cryptocurrency exchanges based in Mexico and Luxembourg respectively, each have more than four million customers worldwide and this collaboration is expected to have a positive impact on meme coin.
In addition to new partners, BitPay Protocol has also been integrated by Blockchain Wallet, the world’s largest self-custody wallet. BitPay’s Payment Protocol is also automatically enabled for in-store and online purchases at Verifone’s 600,000 merchants with 35 million devices.
All of the above-mentioned businesses can now accept cryptocurrencies through BitPay and receive payments from over 200 million cryptocurrency users.
Shiba Inu, which started to be accepted as a payment method by dozens of platforms since the end of 2021, was already a preferred cryptocurrency by companies. However, after the long-awaited Robinhood listing by the community took place in early April, interest in the meme coin started to increase even more. SHIB is trading at $0.00002432 at the time of writing.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.