Recently established SHIB burn portal has destroyed a massive 25 billion meme tokens within just two weeks of its launch
A recently posted tweet reveals that a whopping 25 billion SHIBs have been burned by the new burn.shibaswap portal in just two weeks since it started operating.
As for the past 24 hours, a total of nearly 290 million Shiba have been sent to dead-end wallets to be locked there for good.
25 billion SHIB burned in two weeks
The recently launched burn portal has been running for about 14 days now, showing impressive results for the SHIB army. During these two weeks, a total of 25 billion canine tokens were moved to unusable wallets.
A total of 25 billion Shiba Inu equal $496,500. On Saturday, April 30, the amount of destroyed Shiba tokens was 20 billion; this many Shib were gone within the first week of the portal’s operation.
During the second week, the amount of burned Shiba increased by an additional five billion cremated tokens. Burning is essentially the removal of coins from circulating supply, as the coins are locked away in wallets from where they cannot be spent or withdrawn in any other way.
The goal of this process is reducing the circulating supply to the moment where it becomes so scarce that its price starts going up.
290 million SHIB burned in 24 hours
Beyond that, a large amount of meme tokens have been removed, according to a recent tweet from @shibburn tracker of Shiba Inu-related burn transactions. A total of 288,386,480 Shiba have been sent to “inferno” wallets by various people and companies that burn Shiba Inu.
In other news, legendary fashion design company Gucci has announced that it has begun accepting cryptocurrencies—Bitcoin and other coins, including meme tokens Dogecoin and Shiba Inu.
SHIB plunges 7%
Getting swept up in the massive bloodbath caused by the fall in Bitcoin price, SHIB lost another major level of $0.0002 and plunged more than 7% in the past 24 hours.
At the time of writing, it is trading at $0.00001983 per token, per CoinMarketCap. The Bitcoin price fall has been caused by the recently announced interest rate hike of half a basis point, the biggest increase in 22 years, in an attempt to mitigate the rapidly growing inflation.
Stocks fell on the Nasdaq 100, S&P 500 and others, with Bitcoin and the broader crypto market following suit.
