Reports indicate that more than 20 billion SHIB tokens have been burned since portal went live on Sunday
Recently released Shiba Inu burn portal is still gaining a lot of traction less than a week after its launch. In the first 24 hours after its launch, the official SHIB Twitter account reported that eight billion tokens had been burned as SHIB owners burned their tokens en masse. Now, less than a week after launch, that number has more than doubled.
Presently, reports indicate that more than 20 billion SHIB tokens have been burned since the portal went live on Sunday. By burning SHIB tokens, users permanently remove them from the circulating supply by transferring them to a burn address. It is possible to make the token a little more scarce in this manner, potentially boosting the token’s price.
Recent Shiba Inu Developments
Shiba Inu-themed burger joint Welly announced that the SHIB community will own a 15% stake in its company. A portion of the proceeds from all activities will go to the community. In addition, the community may decide to burn or use these tokens for other purposes. Welly had previously indicated its intention to burn some of the revenue received into SHIB tokens.
In other news, Shiba Inu’s lead developer, Shytoshi Kusama, responds to naysayers on Shiba Inu and John Richmond’s collaboration, saying, “Oh man… anyone who doubts the Shib x @JRichmondstyle collaboration is going to eat their words on a sesame seed bun. And if you don’t think a supermodel wearing Shib designs isn’t revolutionary, then there is nothing else I can say. But I’m sure clones will follow & get praise.”
In early March, Shiba Inu announced their fashion-forward partnership, as upcoming ramp walks may feature SHIB and John Richmond-themed sets.
Meanwhile, whales continue to accumulate SHIB as the price prepares for another major move. In recent hours, two top Ethereum whales bought nearly 200 billion SHIB.
The first SHIB buy transaction reported by WhaleStats was that of the Ethereum whale “Bombur”, which bought the first 50 852 928 611 SHIB, or $1,153,852. Another transaction reported by WhaleStats in the past few hours is that of the ETH whale “BlueWhale0073”, which bought an additional 143,334,055,785 SHIB, or $3,176,282. In April, the whales, or large holders, were quite large, famous for their Shiba Inu buying spree.
