HomeCrypto NewsMarketShiba Inu Proponent Burns 1 SHIB At The Cost Of 1.53M SHIB In Fees

Shiba Inu Proponent Burns 1 SHIB At The Cost Of 1.53M SHIB In Fees

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Shibburn burnt one SHIB at the end of November to gain traction from trolls, but it came at a high cost.


SHIB burn tracker Shibburn, in a tweet on November 28, disclosed that it burnt one whole SHIB worth $0.000009015.

While the value burnt appears insignificant and perhaps laughable, as Shibburn concedes, the burn tracker believes there is utility in the transaction. “It’s all kicks and giggles, but every visit to these transaction pages on the Shibburn website help with even more burns,” the burn tracker tweeted, asserting that the transaction will bring more clicks to its website.

Going through the transaction details, The Crypto Basic discovered that it came at the cost of 0.010742491880203624 ETH or $13.79 in fees at the time, worth about 1.53 million SHIB.

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Despite this unique transaction, it is worth noting that Shibburn remains one of the top burners of SHIB. Remarkably, it topped the SHIB burners list for last month, burning 127.82 million SHIB, as recently reported.

According to the report, community members burnt about 666 million SHIB in November alone.

It bears mentioning that Shiba Inu launched the burn portal in April. Developers highlighted that it came in response to calls from the community to increase the scarcity of the token, which had an initial supply of 1 quadrillion SHIB to increase the value.

Already over 410 trillion SHIB have found their way to burn addresses representing nearly 50% of the total initial supply per data from shibburn.com. The total supply now sits at 589 trillion SHIB, with about 562 trillion in circulation.

Despite the tremendous feat that the community has achieved in reducing the token supply, it is worth noting that SHIB has failed to replicate last year’s meteoric price run. It is exchanging hands for $0.000009246 today, down 0.21% over the previous 24 hours.

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Author

Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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