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Shiba Inu Coin Burn Goes On: 134M SHIB Removed

Shiba Inu continues reducing the supply of SHIB tokens. The prominent meme coin removed another 134 million SHIBs from circulation within the past 24 hours.

As stated by Shibburn, there have been a total of 134,519,822 SHIB tokens burned in 17 transactions. The latest transaction processed 100M SHIB tokens.

Shibburn is the dedicated burn project, made exclusively for the Shiba Inu community. It automatically reports SHIB token burns whenever they happen.

Cryptocurrency burning happens when tokens are intentionally sent to unusable or dead wallet addresses to remove them from circulation. This means, the address is not used or accessed by anyone, and coins settled there are lost forever.

Following the latest Shiba Inu token removal, the meme coin became a bit more scarce, as already a bit over 41% of SHIB max supply has been burned. The maximum supply of SHIB is 1 quadrillion tokens. 

The move, however, has not worked in favor of Shiba Inu’s price. The meme coin dropped by over 3% during the past 24 hours and trades at $0.00002954 at the time of writing. 

The popular token dropped to $0.00002653 on January 10, 2022. The lows were last seen on October 2021, right before the massive 208% rally to $0.0008190.

In the meantime, SHIB remains among the top 15 biggest cryptos with over a $16.2 billion market capitalization.

Why You Should Care

The popular Shiba Inu (SHIB) token had an impressive gain through 2021. It settled as one of the most prominent meme coins with massive community involvement and high trading volumes. The project is going through multiple important changes this year, including the release of DOGGY DAO.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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    Author

    Simona is a fintech journalist and content editor at DailyCoin Academy, which focuses on educating new crypto investors. She entered the crypto space in early 2018, got burned, but discovered a passion for trading, and now it’s her hobby. Simona covers crypto and blockchain-related topics and takes a deeper look at what lies behind the latest industry trends.