This SHIB burner has been persistently destroying Shiba Inu since November last year and has started burning via Amazon recently
The @shib_superstore Twitter account that was set up for an online store by game developer Travis Johnson summarized how many Shiba Inu the store has burned since fall 2021.
A figure of more than 2.25 billion meme tokens was named, and recently the shop has been using Amazon for it weekly SHIB burns.
$55,000 in SHIBs burned so far in total
The tweet states that in the past seven months, since November, a total of 2,257,736,799 Shiba Inu tokens (equivalent to $55,000) have been withdrawn from circulation and sent to dead end wallets, where these canine tokens were permanently locked. This is called “burning” and its purpose is to reduce the current supply (not just SHIB’s) of circulating tokens to provide impetus for a substantial price spike.
The latter may in theory take place because, while a huge amount of tokens is locked in unspendable wallets, a coin becomes more scarce with the demand for it remaining the same and even growing bigger.
@shib_superstore pointed out that most of the total amount of destroyed Shiba tokens was burned when the coin traded 50% higher than today (current exchange rate is $0.000008749 per token).
Amazon-powered burns
On May 27, @shib_superstore published a tweet, saying that the shop from that point on would be included into an Amazon affiliate program and it will enable the shop to burn more meme tokens, using the commissions.
The store holds SHIB burns every Sunday, using part of its profits on smartphone games (advertising), selling merchandise and products with the SHIB mascot, etc.
On June 20, U.Today reported that the shop destroyed a comprised 70,276,169 meme coins.
SHIB burn rate skyrockets 163%
As the @shibburn Twitter account reports, in the past 24 hours, a total of 220,985,769 Shiba Inu have been cremated.
The biggest transactions, moving SHIB to dead wallets, carried 50 million and 80 million meme tokens.
Shibburn’s website says SHIB’s overall burn rate has increased by 162.98%.
