Despite the massive incineration, the SHIB burn rate slumped by 16% in the past day.
Over the past 24 hours, millions of Shiba Inu tokens were sent to the official dead wallets. @Shibburn, a Twitter account that tracks token burn transactions, noted that 21,135,647 (21.13 million) SHIB were incinerated in the past 24 hours. According to the announcement, the tokens were burned in nine different transactions.
In the past 24 hours, there have been a total of 21,135,647 $SHIB tokens burned and 9 transactions. Visit https://t.co/t0eRMnzx3T to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) November 25, 2022
Despite the incineration of 21.13 million SHIB tokens, Shiba Inu’s burn rate has been down 16.54% over the past day. The transaction comes two days after the SHIB burn tracker noted that 134,952,334 (134.95 million) tokens were burned in 10 transactions.
Ongoing Shiba Inu Burn Efforts
Notably, the burn transactions are part of efforts to reduce SHIB’s supply. Since June 2021, the community has been poised to reduce the circulating supply of Shiba Inu to bolster the price of SHIB. This commitment has resulted in the incineration of millions of tokens in different transactions.
Aside from the multiple burns from individual holders, Shibburn.com recently reduced SHIB circulating supply. On November 22, 2022, TheCryptoBasic reported that the team behind @Shibburn burned a massive 127,821,443 (127.82M) Shiba Inu tokens in one transaction.
Shibburn hinted that it would burn more Shiba Inu tokens from the earnings of two of its projects – Super Followers and SHIB Burn Radio.
It bears mentioning that this series of Shiba Inu burns have contributed to the incineration of 410,382,834,034,959 (410.38T) SHIB from an initial supply of 1 quadrillion.
SHIB Price Not Rallying in Tandem With Burns
Meanwhile, the hefty burns have not contributed to the token’s price. The rationale behind the burning campaign was to boost the value of SHIB. However, Shiba Inu is still far from that goal as the crypto asset trades below $0.00001. The token is down 89.3% from its all-time high of $0.000086.
At the time of publication, SHIB was trading around $0.00000918. Like other crypto assets, SHIB was also affected by political and economic factors that wreaked havoc in the crypto market.
SHIB Investors Still Optimistic
Undeterred, investors believe SHIB will surge when things stabilize in the market following the recent ecosystem developments the team is working on. As reported, the Shiba Inu team announced that it would soon release the public testnet of Shibarium, a layer-2 scaling platform. The blockchain network will become the home of all Shiba Inu projects, including SHIB, ShibaSwap, SHIB: The Metaverse, etc.
Shiba Inu’s ecosystem development has prompted whale investors to showcase interest in the canine-themed cryptocurrency. Earlier this week, a new whale investor purchased a whopping 1.2 trillion Shiba Inu token, while another high-net-worth investor bought 432 billion SHIB.
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