SHIB community has gotten rid of nearly half a billion SHIB, while the token stages an 11% decline
Over the past three days, the SHIB Army has burned a cumulative total of 442 million Shiba Inu tokens, according to crypto tracker @shibburn. A total of 62 million tokens of this amount have been burned in the last 24 hours.
Data on SHIB burn transactions have accumulated on its website from etherscan for the convenience of SHIB fans.
“Burning” is the term for the process of sending crypto coins to dead-end addresses from where they cannot be spent or withdrawn. The purpose of burning is to reduce the circulating supply, thereby making the coin rarer and attempting to help its price increase.
However, despite these regular large burn transactions and various partnerships that expand SHIB adoption, the price has not even reached the all-time high of $0.00008845 reached by the coin in October. At the moment, the price is almost 72% below this ATH.
Over the past week, SHIB has been down nearly 11%, according to CoinMarketCap, and has fallen more than 5% in the past 24 hours. At press time, the token is trading at $0.000025.
