Over half a billion SHIB have been removed from the circulating supply since Tuesday morning, while the coin’s price is dropping
As reported by a major SHIB burning platform and data tracker related to the burning of Shiba tokens, in the past 24 hours, 1.4 billion meme coins have been moved to dead crypto wallets.
Besides, over the past few hours, roughly another 200 million were burned by the Shiba Inu community too. Thus, the amount of destroyed canine crypto since yesterday morning is over half a billion.
Meanwhile, the second-largest crypto meme, SHIB, has declined over the past 24 hours.
More than 1.5 billion SHIB moved to dead wallets
@shibburn crypto tracker and burner has shared the news of another massive amount of SHIB burned since yesterday morning—a total of 1,461,828,101 canine tokens. Locking that much crypto in unspendable wallets took around 160 transactions, according to data shared by @shibburn on its website that collects info about burning SHIB on Etherscan.
Additionally, over 200 million SHIBs have been incinerated in the past few hours after the aforementioned tweet was posted.
New SHIB burn portal destroys 15 billion Shiba
The recently launched portal for burning Shiba Inu (burn.shibaswap) has been showing great progress by actively destroying SHIB.
As U.Today recently reported, the amount of meme tokens moved by this portal to dead-end wallets amounted to an incredible 15 billion SHIB.
SHIB market performance
Still, this massive SHIB burn or any others made cumulatively have been able to impact the token’s price. It has been down nearly 3% over the past 24 hours and shows a weekly decline of 7.84%.
On April 25, the coin recorded a more than 10% surge, following the major meme coin DOGE’s 20% spike on news of Elon Musk’s purchase of Twitter.
On April 27, SHIB also went up 3.55%; however, between these spikes and today, the coin has shown a decline.
As of this writing, Shiba Inu is trading at $0.00002356, 73.47% below its October all-time high of $0.00008845.
