The burn rate of meme digital currency Shiba Inu (SHIB) has exceeded 12,000% within the last 24 hours, owing to the network burning 1 billion SHIB tokens. The recent burn takes the total number of SHIB tokens burned over the last few days past 2.2 billion tokens.
Token burning involves retiring digital currencies to inaccessible addresses, effectively cutting them out of circulation.
According to Shibburn, a data platform that tracks Shiba Inu, precisely 1.04 billion of the meme crypto got burned in a day’s cycle. In addition, available data reveals that a total of 410.30 trillion SHIB has been burned since its launch. Initially, the dog-themed coin had a total supply of one quadrillion tokens. Half of this supply was locked in a smart contract to provide liquidity on Uniswap, a decentralized exchange. Meanwhile, the other half made their way to Ethereum co-founder Vitalik Buterin.
Buterin, who took s $1 billion SHIB at the time, ended up donating it to the COVID Crypto Relief Fund in India. In addition, the Ethereum co-founder also donated significant amounts of other meme-like crypto assets such as Dogelon Mars.
As of press time, SHIB is changing hands at $0.00002357, increasing over 2% on the day.
Image Credits: Pixabay
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