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
Image: Shutterstock
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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