Record 12.6 Billion Burned by Shib Army in Last 24 Hours: Report

A staggering amount of nearly 13 billion SHIB has been removed from the circulating supply over the past 24+ hours, according to recent tweets posted by the @Shibburn platform that tracks transactions that move Shiba to dead-end wallets and burn Shiba Inu itself too.

Read Also: DeFi Platform Secures $6M in Series A Funding Round

The majority of this mind-blowing amount of SHIB was destroyed merely within one hour.

12.6 billion SHIB burned

Stubborn has spread the word that several hours ago, an eye-popping 10,028,551,985 Shiba Inu tokens were moved to unspendable wallets in six transactions. This amount of SHIB is worth $123,551.

A total of 10 billion SHIB from this was moved in a single transfer by an anonymous crypto wallet. This has been the largest single burn transaction for Shiba Inu so far since burns started.

Before that, the Shibburn platform counted that a total of 2,677,017,916 had been locked in unspendable wallets; this took 92 transactions.

The burn rate of SHIB has skyrocketed by a whopping 5,189.09%, according to the website of the Shibburn project.

On May 17, U.Today covered that slightly over 800 million SHIB canine tokens were burned in just two transfers.

Read Also: Cardano Founder, Charles Hoskinson: Vasil Hard Fork on Track, Testnet Set to Release by End of May

Burns are not impacting the SHIB price

As per the Shibburn site, by now the total amount of burned Shiba Inu comprises 410,355,298,103,517 tokens. Still, the price has not even caught up with the all-time high of October last year—$0.00008845.

As the circulating supply of tokens declines, the cryptocurrency becomes more scarce and its price is likely to go up.

However, despite numerous burns and the adoption of Shiba Inu, the coin is still trading at $0.00001234, dropping nearly 2% in the past 24 hours and losing nearly 20% of its value over the past week, according to data provided by CoinMarketCap.

  • 1449 Posts
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.