The Shiba Inu community has burned a significant amount of SHIB tokens in the past 24 hours. According to data from Shibburn.com, 17,434,272 (17.43 million) SHIB tokens were sent to a “dead wallet” via eight separate transactions.
The two largest burn transactions came from a wallet linked to the decentralized crypto exchange Uniswap. These transactions resulted in the permanent removal of 6,111,360 and 6,153,724 SHIB tokens from circulation. Both transactions were conducted within the past 24 hours, as shown on Etherscan.io.
Despite these large burn transactions, the total burn percentage for Shiba Inu decreased by 26.24% compared to the previous day.
The overall situation for Shiba Inu remains positive. According to official data from Shibburn.com, a total of 410.38 billion SHIB tokens have been permanently removed from circulation, while 571.66 billion SHIB tokens are still in circulation.
In addition to the constant token burns, there are other developments surrounding the second-largest meme coin. As Newsbit previously reported, the launch of a Layer 2 scalability solution called “Shibarium” appears to be imminent. This is evidenced by comments from the head developer of the project, Shytoshi Kusama.
The upcoming launch of the long-awaited Shibarium is good news for the coin, which has recently been receiving a lot of attention and is the number one trending coin on multiple sites.
In recent months, Shiba Inu has seen a lot of price volatility, reaching a peak of around $0.00009 per token in May 2021, before falling to $0.000001 by August 2021. Despite this, Shiba Inu has been able to establish itself as one of the most popular tokens among the crypto community.
The Shiba Inu project is based on the Ethereum blockchain and Shiba Inu is an ERC-20 token. One of the main features of Shiba Inu is its high token supply, with 1 quadrillion tokens created in total. The developers behind the project plan to use a portion of these tokens to fund projects and initiatives that align with the vision of the Shiba Inu community.
In conclusion, The Shiba Inu community continues to burn tokens, which is a positive sign for the token holders, and the upcoming launch of the Shibarium is expected to bring more attention to the project. Despite the high volatility in the price of the token, Shiba Inu is a popular token among the crypto community and it is expected to continue to grow in the future.