HomeCrypto NewsMarketOver 33M Shiba Inu Burned in 24 Hours As Bulls Target $0.000013

Over 33M Shiba Inu Burned in 24 Hours As Bulls Target $0.000013

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The 33M+ SHIB tokens were incinerated in 15 transactions, with four significant transactions accounting for over 79%.


The Shiba Inu (SHIB) community has witnessed the incineration of 33,152,437 (33.1M) tokens in the past 24 hours, marking a 360% increase in burn rate from the previous day. This cluster of burn transactions is observed at a time when the asset is aiming to conquer the $0.000013 price territory.

The 33.1M tokens were burned in 15 transactions, as revealed today by Shibburn, a community-driven platform dedicated to tracking Shiba Inu-related burns.

 

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The platform also tracked four significant burn transactions in the past 24 hours which cumulatively incinerated 26.3M tokens, accounting for 79.4% of the total burned amount. The earliest of these transactions occurred yesterday at 16:44 (UTC), involving the incineration of 1,648,087 SHIB. 

The second transaction saw 6,787,709 tokens transferred to the dead wallet yesterday at 21:31 (UTC). Barely three hours after this, the network witnessed another significant burn transaction at 23:55 (UTC), as 7,991,050 SHIB tokens were further incinerated. The fourth burn exercise represented the largest in the past 24 hours, amounting to 10,105,451 tokens.

Following these transactions, the total tokens burned from the asset’s initial supply currently sits at 410,384,701,975,803 (410.4 trillion) SHIB, leaving its total supply at a current amount of 589,615,298,024,196 (589.6 trillion) tokens at the time of reporting, with 17.8 trillion staked.

SHIB Community Sustains Burn Campaign 

The Shiba Inu community remains committed to reducing the asset’s supply, as its price movements depend on the campaign. Last week, the burn rate spiked with the asset’s price rally, as 50M tokens were incinerated in 24 hours. The development team also recently disclosed how they plan to burn SHIB with the much-anticipated Shibarium L2 solution.

Furthermore, as Shibarium promises native support for NFT functionality, several platforms have launched in preparation for the L2 network. Notably, Pawzaar, an NFT marketplace, revealed that it will burn SHIB for every NFT transaction on its platform once Shibarium launches.

Shib Price

Meanwhile, SHIB’s journey to reclaim the $0.000013 price point has been met with resistance, but the bulls remain persistent. Despite trading flat in the past hour, the asset is still maintaining a 16.73% gain in the past 7 days, currently changing hands at $0.00001214. Notably, SHIB enthusiast David Gokhshtein recently noted that he would retire once the asset hits $0.01.

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Author

Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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