• Thu. Sep 29th, 2022

Shiba Inu (SHIB) Burn Rate Surges 1167% In A Day

BySamyuktha Sriram

Aug 19, 2022
Shiba Inu (SHIB) Burn Rate Surges 1167% In A Day

A significant amount of Shiba Inu SHIB/USD was burned over the last 24 hours.

What Happened: The Shiba Inu burn rate surged 1167% on Thursday, as per data from token burn tracking portal Shibburn.

Data shows that over $181 million worth of SHIB tokens were sent to a burn wallet — effectively removing them from circulation.

 

More than 410 trillion tokens have now been removed from circulating supply. At the time of writing, around 31 trillion SHIB had been staked, taking the meme coin’s circulating supply to just over 558 trillion SHIB.

The main source of SHIB burns comes from the Shiba Inu token burning portal, which was launched earlier this year. Over 8 billion SHIB tokens were destroyed within the first 24 hours of the burn portal launch. 

See Also: IS SHIBA INU (SHIB) A GOOD INVESTMENT?

Besides the burn portal, some users have opted to burn SHIB on their own through less conventional avenues. Travis Johnson, a user behind the SHIB Super Store account, facilitates token burns via commission earned from Amazon.com Inc AMZN.

Johnson encourages users to sign up with his Amazon affiliate program link. He then burns SHIB with the commission earned from sign-ups. 

Price Action: At press time, SHIB was trading at $0.00001338, down 9.63% over 24 hours, as per data from Benzinga Pro. Earlier this week, the meme coin saw $13.7 million worth of liquidations when its price surged 36% in a single day.





Image and article originally from www.benzinga.com. Read the original article here.