Record Burns: Millions of SHIB Removed from Circulation!

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A record supply of close to 750 million SHIB has been removed from circulation in the last 24 hours alone, as reported by user SHIB burn on Twitter. The company collected data from etherscan about the Shiba Inu cremation process and shared the details on Twitter.

742 million SHIB removed from circulation in 24 hours

The @shibburn account shared that a staggering 742,702,200 Shiba Inu were removed from the circulating supply in a record 24-hour period. The monitoring service had previously reported that the maximum amount burned during this period rarely exceeded 100 million. This also happened on March 4, which amounted to 213,640,225 SHIB.

SHIBs destroyed in the last 24 hours were sent to unusable wallets and removed from supply for use by exchanges or traders. The Shiba Inu community completed these burnings in 10 transfers. The two biggest burn transfers here were 400,068,259 and 327,564,569 Shiba Inu amounts, according to Shibburn.

On March 13, the team behind @shibburn shared that besides token burns, there are many other factors that could help the SHIB price skyrocket. They didn’t specify exactly what those factors were, though.

So far, countless burn attempts and frequent “token burning parties” have not been able to help return SHIB, the second largest meme coin by market cap, to an all-time high in October.

Currently, the token price is 75.78% behind its October 2021 peak of $0.00008845. At the time of writing, SHIB is trading at $0.00002144, according to data provided by CoinMarketCap.

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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