Record 12.6 Billion Burned by Shib Army in Last 24 Hours: Report

SHIB

An 11-digit amount of Shiba Inu has been sent to dead wallets since yesterday morning, according to a recent report, marking a record in SHIB burned in a single transaction

A staggering amount of nearly 13 billion SHIB has been withdrawn from circulating supply in the past 24+ hours, according to recent tweets posted by the @Shibburn platform which tracks transactions that move Shiba to dead end wallets. and also burn Shiba Inu himself.

The majority of this mind-blowing amount of SHIB was destroyed merely within one hour.

12.6 billion SHIB burned

Shibburn shared that several hours ago a staggering 10,028,551,985 Shiba Inu tokens were moved to unspendable wallets in six transactions. This amount of SHIB is worth $123,551.

A total of 10 billion SHIB from this was moved in a single transfer by an anonymous crypto wallet. This has been the largest single burn transaction for Shiba Inu so far since burns started.

Prior to this, the Shibburn platform counted that a total of 2,677,017,916 had been locked away in unusable wallets; it took 92 transactions.

The burn rate of SHIB has skyrocketed by a whopping 5,189.09%, according to the website of the Shibburn project.

On May 17, U.Today covered that just over 800 million canine SHIB tokens had been burned in just two transfers.

Burns are not impacting the SHIB price

As per the Shibburn site, by now the total amount of burned Shiba Inu comprises 410,355,298,103,517 tokens. Still, the price has not even caught up with the all-time high of October last year—$0.00008845.

As the circulating supply of a token decreases, the cryptocurrency becomes scarce and its price is likely to rise.

However, despite numerous burns and the adoption of Shiba Inu, the coin is still trading at $0.00001234, dropping nearly 2% in the past 24 hours and losing nearly 20% of its value over the past week, according to data provided by CoinMarketCap.

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