Shiba Inu Community has burned over 607.53 million SHIB in the last 24 hours, taking the benefit of low prices.
Shibburn.com recently reported that within the last 24 hours, 12 transactions have been made, through which 607,530,847 (607.53M) SHIB were destroyed, with the help of a new burn portal.
In the past 24 hours, there have been a total of 607,530,847 $SHIB tokens burned and 12 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) May 13, 2022
The burn rate surges 307.56% over the last day when only 182,180,686 (182.18M) SHIB tokens have been taken out of circulation forever through 14 separate transactions.
SHIB Burn Portal is the driving force behind these massive burns (officially launched on April 23, 2022). The burn rate now has increased manifolds. Since the launch of the SHIB Burn Portal on ShibaSwap, 27.28 Billion SHIB has been taken out of circulation forever through almost a thousand separate transactions.
Top SHIB Burner of the Day:
An unknown wallet address has sent 468,559,352 (468.55M) SHIB, worth $6,231 to the dead wallet through two separate transactions, Etherscan.io data reports.
Etherscan.io data shows that the wallet first purchased 468.55 million SHIB in two transactions. Soon after the purchase, the mysterious user sent all these purchased SHIB tokens to the dead wallet in no time.
One of the Twitter accounts, “Shiba Archives” has claimed to burn 600 million Shiba Inu tokens in the last 12 hours, without mentioning Burn details.
We’ve burned 600M $SHIB in the past 12 hours. 🔥
— Shiba Archives (@ShibaArchives) May 13, 2022
It may be the case that the mysterious wallet belongs to Shib Archives. However, the Twitter account hasn’t shared any type of proof of burn or transaction link with its followers.
Why Shiba Inu Underperforms Despite Massive Burns?
Despite these continuous burns, the price of Shiba Inu is down -36.71% over the last week, as per data provided by CoinMarketCap. At the time of writing, Shiba Inu is trading at the price of $0.00001299, up 19.99% over the last day, with a 24-hour trading volume of $1,444,086,766 ($1.44B). This sharp increase in price appears after the Bahrain-based Rain exchange announced that Shiba Inu is available for trading to its 200K users.