The recent update revealed that a total of 2.07 billion SHIB has been sent into dead wallets over the week in 2909 separate transactions.
According to the record, the record-breaking burn transaction of the week occurred on March 17th, when KoyoToken sent 924,150,949 (924.15M) SHIB to the dead wallet in one transaction.
Over 2.07 Billion SHIB Burns
In the last 7 days, there have been a total of 2,072,114,690 $SHIB tokens burned and 290 transactions. #shib
— Shibburn (@shibburn) March 19, 2023
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KoyoToken has contributed overwhelmingly to Shiba Inu burns since March 10th and has destroyed a herculean 4,631,179,336 (4.63B) SHIB through multiple transactions, as per data provided by Etherscan.io.
It is worth noting that the collective effort of the Shiba Inu Community-led burn projects collectively has removed a total of 15,248,223 (15.24M) SHIB from circulation forever through 33 separate transactions within the last 24 hours.
In the past 24 hours, there have been a total of 15,248,223 $SHIB tokens burned and 33 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more.
— Shibburn (@shibburn) March 20, 2023
On the same premise, one of the Shiba Inu burns initiatives, SHIB Super Store, contributed massively by burning a whopping 10,158,730 (10.15M) SHIB to the inferno address in one significant transaction using the official SHIB Burn Portal. In addition, the project has rewarded the Community with 10.05 million SHIB through its Weekly Burn and Earn program.
Forgot to make the tweet
About $222, or 1% higher than last week, hey, progress is progress!
This also marks the 50th burn, thank you everyone!https://t.co/d0goxr6syshttps://t.co/7qqpBvXP8R pic.twitter.com/AtqBTTqit3
— SHIB Super Store (@shib_superstore) March 20, 2023
In September 2021, the Shiba Inu community burned over 2.07 billion SHIB tokens, which were worth around $40 million at the time. The purpose of the burn was to reduce the total supply of SHIB tokens in circulation and increase their value.
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The burn was initiated by the Shiba Inu development team, who transferred the tokens to a “dead” wallet address, meaning the tickets cannot be accessed or used. This effectively removes them from circulation and reduces the overall supply of SHIB tokens.
As of writing, Shiba Inu is trading at the price of $0.0000107, down -2.09% over the last day with a 24-hour trading volume of $269,919,095 ($269.91M).
The impact of this specific SHIB burn on the token’s value may depend on various market factors, such as demand and overall market sentiment.