• Wed. Jul 17th, 2024

SHIB Burn Rate Spiked By 242.50% As Users Burn 133M SHIBs

Deborah Brown

ByDeborah Brown

Aug 19, 2022

Recently, the Shiba Inu community has successfully burned another massive quantity of Shiba tokens of about 133M. Following the event, the overall burn rate of the meme token has risen to about 243%.

Over 133 Mission SHIBs Removed From Circulation

According to reports, the famous meme coin community has taken another massive step in its mission to reduce the quantity of SHIBs in circulation. They reportedly took out millions of SHIBs from circulation and dumped them in the unspendable wallets provided by the network.

Shibburn, the protocol in charge of burning the excess Shiba tokens, reported the update in the burning activities. It stated that the members of the community are pretty dedicated to the quest of reducing SHIB’s quantity.

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In addition, the protocol narrated that it took the members about 18 transactions to burn the 133,006,652 SHIBs during the weekdays. Both institutional and individual investors took part in the 18 transactions collectively, according to the report.

It continues that locking such a considerable amount of tokens in a dead-end wallet sent the overall burn rate to the roof by 243%. Furthermore, the protocol reported that the general burn rate since the burning activities started on the network is now 345.52%. 

Amazon Helped To Burn Significant Number Of SHIBs

Additionally, the total number of SHIBs users have successfully removed from circulation is about 64,506,472 units. This platform successfully burns SHIB via Amazon.

Recently, Shib SuperStore, an online store created by Travis Johnson, stated that it was able to permanently remove about 14,804,846 SHIBs from circulation through its affiliation with Amazon. 

Moreover, the creator of the Shibburn protocol stated that a significant number of SHIBs are burnt via Amazon daily. It, therefore, describes Amazon as a solid daily SHIB burner which has helped tremendously reduce the meme token’s circulating quantity.

SHIB And DOGE Suffered Price RollBack  

Meanwhile, both Shiba Inu and Dogecoin recently suffered a significant price downturn. A crypto analytic firm, Sentiment, claimed that the DOGE and SHIB Whales caused the recent price downturn. 

It explained that their frequent profit-taking practice caused the meme coins to roll back from their recent high price. Before the two coins dropped value, statistics showed a massive increase in transaction volume on the networks. 

Both Dogecoin and Shiba Inu recorded many transactions that were worth more than $100K. Consequently, there was great selling pressure on them which eventually dragged their price actions down. The two famous memes coins have lost the top prices they both reached earlier this week.

Deborah Brown

Deborah Brown

Deborah Brown is a skilled and experienced news writer recognized for her insightful reporting and captivating storytelling. With a dedication to accuracy and a knack for engaging readers, her articles provide a fresh and informed perspective on current events.

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