Recently released report shows that over the past week, a hefty amount of SHIB that surpasses 100 million canine tokens has been destroyed
Twitter account @shibburn spread the word about nearly 104 million Shiba Inu chips destroyed in the last seven days.
A massive sum in SHIB has also been sent to “inferno” addresses over the past twenty-four hours, as reported by @shibburn.
103.89 million SHIBs destroyed
@shibburn is a service that tracks SHIB burn transactions, accumulating them from etherscan on its website. Additionally, this platform performs its own SHIB burns.
In a recent tweet, @shibburn shared that during the past week, the Shiba Inu army have transferred a total of 103,898,038 to several unspendable wallets, moving those coins out of the currently circulating SHIB supply.
It took 58 transactions for the community to withdraw this amount of SHIB.
12.2 million Shiba Inu eliminated in 24+ hours
The same source has tweeted that over the past twenty-four hours and within a few hours that followed, a comprised 12,266,775 SHIB has been burned. The SHIB army keeps destroying tokens in comprised attempts to make the coin’s supply shrink, make the coin scarce and push the price up.
The company’s website shows that currently there are 549,455,741,773,332 SHIB tokens in circulation and the Shiba Inu burn rate has increased by 12.53%.
SHIB price action
The second most biggest meme crypto by market cap, SHIB, entered 2022 at the $0.0000339 level and has been declining since then despite new partnerships – in particular SHIB dev team joined forces with the Welly’s burger outlet and turned into one of the payment options of the US-based AMC movie chain, along with Dogecoin.
On January 22, the symbolic price reached a low of $0.00001864. On February 7, SHIB managed to reach $0.00003477.
At the time of writing, the 15-ranked cryptocurrency is changing hands at $0.00002237. SHIB is 74.72 percent down from its historic high of $0.00008845 reached on October 28.
