Record number of Shib burnt in a single retail transaction
More than 1.5 billion Shiba Inu tokens have been burnt in an attempt to reduce the coin's supply and increase its value
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The Shiba Inu burn portal has reportedly burnt more than 1.5 billion Shiba Inu tokens in the past 24 hours.
Coin burning refers to the process of destruction of a coin so that it cannot be used again. The developers and miners then send the coins to selected addresses with inaccessible private keys. Investors typically prefer a rare crypto asset over one with an endless supply; therefore, the burning process is usually beneficial for them. It's crucial to remember, though, that a constant or reduced supply does not always lead to increased value.
Since its introduction earlier this month, tens of thousands of people have visited Shiba Inu's burn site, resulting in hundreds of SHIB transactions valued at thousands of dollars. The new burn mechanism also guarantees incentives in the form of ‘burntSHIB’ tokens. By this point, it is estimated that nearly 410,000 Shiba Inus have been destroyed by the burn portal.
SHIB's burn attempts, however, have fallen short in raising the price of Shiba Inu tokens. The Shiba Inu price at the time of writing is $0.00001172 with a 24-hour trading volume of $390,700,206. Shiba Inu is also down by 11.37% in the last seven days.
Originally created as a meme coin, Shiba Inu’s value skyrocketed in 2021, and it was even dubbed the “Dogecoin” killer. Shiba Inu developers have now arrayed into the metaverse as well, in the hopes of further strengthening the coin and dropping the “meme coin” tag.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
