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Kay Adeoti
Mar 4, 2022
by Kay Adeoti

213 million Shiba Inu Tokens Burnt In Just 24 Hours

Shiba Inu Tokens Burnt
A total of 213,640,225 Shiba Inu tokens were burnt in the last 24 hours, with a total of 10 transactions. With as much as 150 million tokens being burned in a single transaction, the total number of 213 million tokens burned is the highest amount of tokens taken out of circulation for good in a single day this year.

Let's try to put this in perspective. 19,359,317 $SHIB tokens were burnt the day before. This suggests that the burning rate has increased by 905.73 percent in the last 24 hours. This means that almost 9 times more tokens were burned today than yesterday.

How Were the Shiba Inu Tokens Burnt?

To burn $SHIB tokens, they must be transferred to inactive or inaccessible wallet addresses in order to be removed from circulation. As soon as these tokens are sent to a burn address, they are forever gone. In effect, burning the tokens decreases the number of tokens, which in turn increases the scarcity. This scarcity may lead to an increase in the market price for the tokens.

With trillions of $SHIB tokens in circulating supply, burning helps to reduce the overall supply, which in turn helps to increase the value of the tokens that are still in circulation. In the month of February alone, 252 transactions resulted in the burning of 1.49 billion $SHIB tokens.

According to data available on shibburn.com from transactions involving $SHIB tokens, more than 410 trillion tokens have been burned from the original supply.

The popularity and demand for SHIB tokens are growing day by day, and it seems that another company or exchange is joining the SHIB ecosystem on a regular basis. As a result, the Shiba Inu token has risen to become the most traded and acquired token among the biggest 1000 Ethereum whale wallets, according to the data provided by WhaleStats.

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213 million Shiba Inu Tokens Burnt In Just 24 Hours
Kay Adeoti
Kay is a content specialist who has a particular interest in the finance and cryptocurrency industries, among others. He is a frequent contributor to a number of finance and cryptocurrency-related websites, where he offers readers with informative and educational articles on the cryptocurrency and financial markets. Aside from that, he is an avid supporter of blockchain technology.

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