1.5 Billion Shiba Inu Burned by the Portal in the Last 24 Hours, Burn Rate Hits 657%

Vignesh Karunanidhi
1.5 Billion Shiba Inu Burned by the Portal in the Last 24 Hours, Burn Rate Hits 657%
Source: Bitcoin News

Shiba Inu, a popular meme coin, has burned over 1.5 billion units of its token through its recently created Shiba Inu burn gateway in just 24 hours.

The burn portal was launched earlier this month and has already recorded thousands of transactions worth thousands of dollars in SHIB.

More than thousands of users have visited the Shiba Inu burn site. Until now, the burn portal was said to have burned almost 410,343,698,658,607 Shiba Inu. When it comes to the ultimate goal of any burn portal, the entire burning process is designed to make them scarce in order to raise demand and drive up prices.

Shiba Inu’s burn rate hits 659% in the last 24 hours

Three unique addresses are used to compute burns: two dead wallets with no available keys and tokens transferred to the Genesis address (Black Hole), which reduces supply. The SHIB burn rate at the time of writing has pumped by another 300% to stand at 929.52%.

In terms of Shiba Inu prices, however, SHIB’s burn initiatives have been fairly lacking. SHIB was trading at $0.0000124 during press time, a 4.4% high on the daily charts with a 24-hour trading volume of $477,353,699. SHIB is down 86% from its all-time high of $0.00008845, which it reached approximately on October 28th, 2021.

Source: Bitcoin News

Despite the token’s poor performance in recent weeks, the price of SHIB does not appear to be affecting the Shiba Army, which is growing at a spectacular rate. SHIB managed to attract new wallet holders and extend its adoption even as the currency fell in value.

Despite the fact that the crypto markets were in free fall, SHIB managed to gain nearly 15,000 new wallet holders.

SHIB army is eagerly waiting for its Shibarium, which is expected to launch at the end of this month or in June 2022. The debut is guaranteed to elicit excitement, and it could even help to boost SHIB’s price.