Shiba Inu on Fire: Nearly 13 Billion Tokens Burned in the Last 24 Hours

The Shib Army wants to trigger the market price increase and fuel the demand burning and encouraging others to burn SHIB.

A month ago, Shiba Inu’s developer team introduced a new token burning tool, ShibBurn. The website rewards Shiba Inu users who decide to burn a custom amount of SHIB coins.

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The meme cryptocurrency gets burned when a user sends SHIB coins to a dead wallet, thus removing them from circulation. In a nutshell, the Shib Army’s main goals by encouraging such action are to trigger a market price increase and fuel the need to buy coins.

One Wallet Burns a Whopping 10 Billion SHIB Coins

The current SHIB burning trend ignited a record: one unknown wallet set over 10 billion SHIB on fire just yesterday (that’s about $124,000). Moreover, yesterday ShibBurn.com faced a massive increase in tokens burned, nearly 800% more. That’s so far the most successful day in the burning portal’s history.

Needless to say, it’s mostly fueled by the new reward system powered by RYOSHI. The RYOSHI token has seen a slight increase of 1.9% in the last 24 hours, now trading at $0.000000006147. RYOSHI is a new “decentralized, deflationary, community-driven token that has it all,” according to the official website. On the other hand, Shiba Inu (SHIB) is currently trading at $0.00001163 and has seen a 5.86% decline in the last 24 hours, according to CoinGecko.

In order to start understanding the burning process, check out this article:

What Does It Mean When SHIB or DOGE See Record Burning?

Close to Half of Shiba Inu Coins Set Ablaze

There have been over 410,361 billion SHIB tokens burnt already, TrackShiba reports. Besides, there’s a maximum amount of 1 quadrillion Shiba Inu coins, meaning that 41% of them were set aflame already. Will this ignite a boost in Shiba Inu’s price? That depends on a couple of factors, but since Shiba Inu’s social following caught up with rival Dogecoin, it looks like Shiba stands a chance at surviving the ongoing crypto winter.

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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 as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.