A month ago, the Shiba Inu development team introduced a new token burning tool, ShibBurn. The site rewards Shiba Inu users who decide to burn a custom amount of SHIB coins.
The meme cryptocurrency burns when a user sends SHIB coins to a dead address so they get out of circulation. In short, the main goals of the Shib army are to support actions that will cause market prices to rise and burn the demand to buy coins.
A wallet burned an incredible 10 billion SHIB coins
The current trend of burning SHIB is setting a record: an anonymous wallet burned more than 10 billion SHIB yesterday (that’s about $ 124,000). In addition, ShibBurn.com burned an enormous increase in tokens yesterday, almost 800% more. It was the most successful day in the history of the burning portal.
It cannot be said that this is largely driven by the new reward system powered by RYOSHI. The RYOSHI token has increased slightly by 1.9% over the last 24 hours and is now selling at $ 0.000000006147. RYOSHI is a new “decentralized, deflationary, community-driven token with everything,” says the official website. On the other hand, Shiba Inu (SHIB) is currently trading at $ 0.00001163 and, according to CoinGecko, has fallen by 5.86% in the last 24 hours.
Almost half of the Shiba Inu coins burned
TrackShiba reports that more than 410.361 billion SHIB tokens have already been burned. In addition, it has a maximum value of 1 quadrillion Shiba Inu coins, which means that 41% of them have already been burned. Will it increase the price of Shiba Inu? It depends on several factors, but because Shiba Inu’s social followers have taken on the dogecoin rival, Shiba seems to have a chance to survive the ongoing winter of Crypto.