The Shiba Inu community has taken a major step towards decreasing the number of available SHIB tokens. In eight distinct transactions during the previous 24 hours, the community has destroyed 25,604,920 SHIB.
Burning 15 million SHIB a day and 280 million weekly
The Shibburn tracker tweeted that 15,139,646 tokens were removed from circulation in just four transactions during the past 24 hours. Over 280,000,000 meme coins have been delivered to dead-end wallets in the past week, where they will remain locked and unusable until they are drained.
As of the end of March, according to Shibburn, 7,109,337,371 tokens had been burned, held either in cold storage or the contract.
1.07 billion were consumed in the last week, according to the statistics.
The most money was made through the widely-known community-driven burn initiative asset Super Store. The project’s 52nd weekly burn event occurred 10 hours ago from press time when 9,506,057 (9.50M) assets were delivered in a single transaction via the official concerned token Burn Portal to the dead wallet.
In addition, the community has been rewarded through the token Super Store project with the distribution of 9.40 million Shiba Inu. The hope is that this will lift spirits and inspire more people to get involved in future gatherings of this kind.
According to data provided by CoinMarketCap, the asset’s price has increased by about 6% over the past 24 hours and more than 11% over the past week. The popular meme token is currently trading at $0.00001145.
Dogecoin’s rapid rise as the most valuable meme cryptocurrency sparked this price hike. Twitter’s owner, Elon Musk, unexpectedly switched from the iconic blue bird to the Dogecoin mascot yesterday.
It should be mentioned that it has been regularly burned as part of the Super Store project beginning November 2021. The total amount of tokens sent to a dead wallet is 3.48 billion. The project has also rewarded the community with 314.01 million via its Burn and Earn Scheme.
After spending a record-breaking $6,782,788,547 SHIB across 540 unique purchases in March 2023, the Shiba Inu Community made this decision.