The Shiba Inu community has burned 33 million SHIB in the last 24 hours, boosting the burn rate by 529.72%.
In the past 24 hours, 33,281,367 Shiba Inu (SHIB) tokens have been burned across ten transactions, according to Shibburn, a community-driven SHIB burn tracker. This burn activity is part of an ongoing effort by the Shiba Inu community to reduce the crypto’s circulating supply.
In the past 24 hours, there have been a total of 33,281,367 $SHIB tokens burned and 10 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/3TO2qgt2jH
— Shibburn (@shibburn) June 21, 2024
Following this disclosure, the community incinerated more tokens, pushing the total burn over the last 24 hours to 37,534,163 (37.5 million) tokens. This figure marks an impressive 529.72% increase from the amount recorded in the previous day.
Shiba Inu’s tokenomics reveal a substantial amount of tokens burned from the initial supply. A total of 410,727,009,502,240 SHIB has been burnt, significantly impacting the max total supply of 999,982,352,290,136 SHIB. The current total supply stands at 589,272,990,497,759 SHIB, with 583,313,391,776,342 SHIB in circulation.
The recent burn transactions prove the community’s dedication to reducing SHIB’s circulating supply. Some notable transactions involved the incineration of 5,000,000 SHIB and 10,027,548 SHIB.
Shiba Inu Community Seeks Broader Burn Initiatives
Beyond individual burns, the Shiba Inu community is actively exploring broader initiatives to further decrease the circulating supply. A proposal to burn SHIB tokens through major exchanges Binance and Coinbase has gained traction.
An enthusiast, known as ‘Shiba Arab Army,’ launched a poll on May 19 to gauge community support for this initiative. With 419 votes cast and five days left, 95% of participants favor the proposal, while 5% are against it.
I need your votes here. Do you agree with the initiative to burn #SHIB from @coinbase and @binance platforms? Your vote is crucial to complete the task.
(Please help spread the vote)#ShibaArmy #ShibaSmart #shibaarab_army
— Shiba Arab army™ (@Labib_co) June 19, 2024
Amid all this, the price of Shiba Inu (SHIB) currently stands at $0.0000179, reflecting a 4.14% decline in the last 24 hours and a 17.52% decline over the past week.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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