According to Twitter user @_Lady_Crypto_’s post, quite a large number of meme coins have been burned so far. According to the shared data, this amount is 64 billion. SHIBThese tokens were moved to inaccessible wallets and locked there indefinitely. Due to the low price of the token, this SHIB amount is equivalent to $662,400, which is less than $1 million.
π WHOOP! π₯ THERE IS IT! π₯
π₯π₯ 64 BILLIONS $SHIB π₯π₯
BURNED & GONE FOREVER! pic.twitter.com/r0KagbGpJSβ ππππ π₯ ππππππ (@_Lady_Crypto_) October 11, 2022
15 billion SHIB in pieces and 20-25 billion SHIB in multiple batches have been burned since the start of April. Shibburn, which allows users to burn the SHIB as well as earn incentives to do so, has been talked about since its release, but the community is not happy with the developments.
Koinfinans.com As we have reported, some community members expressed their dissatisfaction with the way the awards were given and the delays that followed; some members even began to describe the burning as a scam.
According to a blog post shared today, shiba inu team announced that it has cut ties with the Ryoshi Vision team, which previously ran the incineration portal’s site, and will continue the gateway as part of the decentralized exchange platform ShibaSwap.
However, the social media shares of this blog post consisted of criticism of the community members. It can be clearly seen in these comments that the speed of SHIB burning in general is very slow. As the total supply of SHIB is more than 500 trillion, it seems like a longer period is needed for the burns to really make an impact.
In the last 24 hours, the burning rate of the Shiba Inu has increased by 405%. This increase came after 154,899,021 SHIBs were moved to dead-end wallets with only five transactions.
You can follow the current price action 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.