Burns Reached 20 Billion In This Meme Coin!

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  • According to reports, more than 20 billion SHIB tokens have been burned since the burning portal went live last Sunday.

As previously reported by KoinFinans, Shiba Inu’s recently launched burning portal, where investors can earn passive income as a result of removing SHIB tokens from circulation, has been launched recently.

It seems that SHIB Burn Portal is still attracting attention, even after about a week after its release. The official SHIB Twitter account reported that eight billion tokens were destroyed within the first 24 hours of their release as SHIB holders burned their tokens en masse. This figure has more than doubled in less than a week since the portal was first launched.

Currently, reports indicate that over 20 billion SHIB tokens have been burned since the portal went live on Sunday. When a coin is burned, the coin’s investors or developers move their tokens to an inferno address, permanently removing them from the circulating supply. In this way, it is possible to make the token a little more scarce and potentially increase the price of the cryptocurrency.

As noted by KoinFinans, a Shiba Inu Discord moderator earlier this month QueenieIn a post on Twitter, he said that “if everything goes as planned”, with the help of this burning portal, approximately 111 trillion units of SHIB could be burned from the total supply of the dog-themed cryptocurrency every year.

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Latest developments in the Shiba Inu

It announced last February that it had partnered with Willys, an Italian fast-food restaurant with which it had formed a partnership to increase mainstream adoption of the Shiba Inu. In a recent announcement, Shiba Inu-themed burger joint Welly announced that the SHIB community will own a 15 percent stake in the company, with a portion of the proceeds from all activities going to the community.

However, the community will be able to decide for themselves whether to burn these tokens or use them for any other purpose. Welly has previously stated his intention to burn some of the revenue generated as SHIB tokens.

On the other hand, Shiba Inu’s lead developer, Shytoshi Kusama, came forward on SHIB’s partnerships and lashed out at those who criticized Shiba Inu and John Richmond’s collaboration, saying:

“Oh man… anyone who doubts the Shib x JRichmondstyle collaboration will lick their spit. And if you think it’s not revolutionary for a supermodel to wear Shib designs, there’s nothing more I can say. But I’m sure that [shib] clones will follow this move and receive praise.”

Whale purchases continue

Meanwhile, whales continue to accumulate SHIB as the shib price prepares for another major move. In the past few hours, the two largest Ethereum whales have purchased around 200 billion SHIB tokens.

The first SHIB purchase, reported by WhaleStats, was made by Ethereum whale “Bombur”. In the transaction, the whale purchased 50,852,928,611 SHIB worth $1,153,852.

Another transaction, also reported by WhaleStats in the last hours, was made by “BlueWhale0073”, an ETH whale that is very interested in SHIB. In this transaction, the whale added 143,334,055,785 SHIB to its portfolio for $3,176,282. In April, famous whales and large whales were in constant motion. Big wallets have been on a Shiba Inu buying spree since the end of last year.

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.


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