Shiba Inu Burns 19 Million SHIB in 24 Hours: Boosting Crypto Value

  • The Shiba Inu community has been working to reduce the token supply.
  • About 19 million SHIB tokens were burned in 24 hours.
  • Shiba Inu has seen significant evolution and is now one of the most secure crypto projects.

Aggressive Token Burning Mechanism

The Shiba Inu community has shown a strong commitment to reducing the overall token supply in the ecosystem. The Shiba Army aims to boost the value of SHIB by triggering a decline in its supply through an aggressive token-burning mechanism. So far, the community has burned about 19 million SHIB coins in the last 24 hours. This number takes the total of burned SHIB tokens for the week to over 305.77 million.

Recorded Burn Rate

According to Shibburn, about 19,175,360 SHIB tokens entered the dead wallet in 24 hours. This burning operation occurred through four different transactions. Shibburn report showed that SHIB burning increased by over 103% as against the past day, which recorded only 9.40 million SHIB coins through three separate transactions. Also, its community now records 305,775,533 SHIB coins burned over the past 7 days through multiple transactions.

Evolution Of Shiba Inu

The second-largest meme coin, Shiba Inu, has displayed significant evolution in the industry. A blockchain security firm Certik recognized Shiba Inu in its latest Project Scoop edition. The company stated that Shiba Inu has gradually and impressively metamorphosed from a meme coin to a robust decentralized ecosystem. Certik gave Shiba Inu a security score of 94.30, placing it among the industry’s top most secure crypto projects. Regarding trading achievement, Shiba Inu is the most traded crypto asset on India’s largest crypto app, CoinSwitch. SHIB took the lead in CoinSwitch’s list of week’s top 5 most traded assets.

Biggest Burner

From details gathered by Shibburn show that an anonymous wallet was biggest burner within this period as it sent 15 million plus SHIB tokens into dead wallets all at once bringing amount burnt up 305 million plus within 7 days via multiple transactions

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