Over 1 Billion Shiba Inu Burned Within 24 Hours

To be precise, 1,021,292,580 billion SHIB tokens have been burned and sent to several dead crypto addresses from where no one can spend or withdraw them. It took the participants 41 transactions to achieve that.

ETH SHIBA, a newly emerged project launched on the Binance Smart Chain claimed that they have successfully sent 359,619,654 million SHIB tokens among the null addresses in one transaction and have burnt a total of 759,687,913 million SHIB tokens.

Another unofficial Shiba Inu token 1CENT has also claimed on burning of 386,563,384 million SHIB tokens, which is 18% more than their previous week’s burn of 327,564,569 million tokens.

Shiba Inu Yet to Reclaim ATH

Token burns are popular in the cryptocurrency space, as with demand remaining steady or rising and supply being burned, a token’s price tends to rise as it’s effectively deflationary. So far, the numerous burn initiatives, however, have not helped the second-biggest meme coin by market cap, SHIB, to even get back to its October all-time high.

At the moment, the token price remains down 75.78% from the October 2021 historic peak of $0.00008845 per token. Currently, SHIB is changing hands at $0.00002355, up 2.8% from the past 24 hours.