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
By Shashank Bhardwaj
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.
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Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
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Germany closes Russian darknet marketplace HydraRead More..
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Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
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Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..