Max E.Tue, Mar 15, 2022 12:30 AM
744 Million SHIB Burned In The Last 24 Hours
On March 14, one of the most popular "dog tokens" increased its burn rate by as much as 5967.15%. The Shiba Inu project community has sent more than 744 million tokens to the “dead” wallet, meaning those coins were permanently withdrawn from circulation, or burned.
Five separate transactions were carried out within a few hours. The sharp increase in the token burn rate indicates a growing number of initiatives that are integrating with the Shiba Inu ecosystem.
Throughout the history of the project, a total of 61.8 billion tokens were burned – with the exception of the coins that Vitalik Buterin had burned. In May 2021, the founder of Ethereum sent 90% of his remaining Shiba Inu (SHIB) tokens to an inaccessible address. Buterin burned 410 trillion SHIB worth over $6.5 billion. The developers of the SHIB project sent half of the emission of tokens to Buterin's wallet, which made him the largest holder of cryptocurrency.
In August last year, the Shiba Inu community burned over 7.2 billion tokens, in September – over 6.9 billion.
Recently, the founders of the project announced the start of the much-anticipated Burn Portal testing. According to the developers, token burning is a key element of the ecosystem, therefore the project team is constantly exploring new burning options. It is expected that additional information about the portal will be available to the public soon.
In addition, earlier on Monday morning, Tesla founder Elon Musk provoked an increase in the price of another “dog cryptocurrency” – Dogecoin. On March 14, Elon Musk posted a tweet saying he owns Bitcoin, Ethereum, and Dogecoin, and is not going to sell his digital currencies any time soon.
BTC soared in price, reaching $39,100, despite trending in the red zone a day before and being threatened with a rollback to $37,000. Dogecoin (DOGE) jumped by almost 4% hitting $0.115 (at the time of writing).
According to a recent WhaleStats report, the top 500 investors in Ethereum and ERC-20 tokens now prefer SHIB to FTT. Thus, Shiba Inu is сurrently the second most popular investment option for whales, exceeded only by Ether. This is likely to have a positive impact on the future price of the token.