Shiba Inu Burn Portal Records More Than 20 Billion SHIB Burned Less Than Week After Launch

Shiba Inu’s recently launched burn portal is still gaining a lot of traction less than a week after launch.

In the first 24 hours after its launch, the official SHIB Twitter handle had reported a whopping eight billion tokens being burned as SHIB owners burned their tokens en masse. Now, less than a week after launch, this figure has more than doubled.

Read Also: This Whale Purchases 143 Billion Shiba, While Already Holding MATIC and LINK

Currently, the report stated that more than  20 billion SHIB tokens have been burned since the portal went live on Sunday. By burning SHIB tokens, users permanently remove them from the circulating supply by transferring them to a burn address. It is possible to make the token a little more scarce in this manner, potentially boosting the token’s price.

Shiba Inu’s recent developments

Shiba Inu-themed burger joint Welly has announced that the SHIB community will have a 15% ownership stake in its business.

A fragment of the earnings from all activities will go to the community. Also, the community will be able to decide whether to burn or use these tokens for another goal. e able to decide whether to burn or use these tokens for another purpose. Welly had previously indicated its intention to burn a portion of the revenue received in SHIB tokens.

In other updates, Shiba Inu’s lead developer, Shytoshi Kusama, responds to naysayers on Shiba Inu and John Richmond’s collaboration, saying, “Oh man… anyone who doubts the Shib x @JRichmondstyle collaboration is going to eat their words on a sesame seed bun. And if you don’t think a supermodel wearing Shib designs isn’t revolutionary, then there is nothing else I can say. But I’m sure clones will follow & get praise.”

At the beginning of March, Shiba Inu broadcast its cutting edge partnership in the fashion world as the upcoming ramp walks might feature SHIB and John Richmond-themed ensembles.

Meanwhile, whales continue to accumulate SHIB as the price prepares for another major move. In recent hours, two top Ethereum whales bought nearly 200 billion SHIB.

https://twitter.com/WhaleStats/status/1520055746330869762

The first SHIB purchase transaction reported by WhaleStats was that of Ethereum whale “Bombur,” who bought the first 50,852,928,611 SHIB, or $1,153,852 worth. Another transaction reported by WhaleStats in recent hours pertains to that of ETH whale “BlueWhale0073,” who bought another 143,334,055,785 SHIB, or $3,176,282 worth. In April, whales, or large holders, were quite prominent, famed for their Shiba Inu buying spree.

Read Also: Shiba Inu Community to Have Ownership Stake in Welly

https://twitter.com/WhaleStats/status/1520147507711463427
  • 1576 Posts
  • 2 Comments
Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you're a seasoned investor or just starting out, Cryptolifedigital's analysis offers valuable insights into the world of cryptocurrency.
Loading...