140 million Shiba Inu tokens transferred to dead wallet, burn rate increased by 137 percent

The Shiba Inu has been burnt once again. The platform that tracks Shiba Inu burning has reported that between last Friday and Saturday, 140 million SHIB tokens have been sent to the dead wallet through multiple transactions. Dead wallets are wallets that are not in use, and the tokens in them cannot be sent or withdrawn to any other wallet. After being sent to these wallets, the tokens go out of circulation and the total supply of tokens decreases. This is the first major burning, even before that hundreds of millions of SHIB tokens have been burned through the project’s newly launched burning portal.

Shibburn informed in a tweet on Saturday, July 16 that over 140 million (14 crores) of SHIB tokens were transferred to the dead wallet through a total of 25 transactions within 24 hours. Talking about the exact number, 140,223,703 MIME coins have been burned through these transactions and taken out of the total circulation.

As we mentioned, the Shiba Inu team recently launched a new burning portal, with the aim of burning as many tokens as possible out of circulation. The project is also giving rewards for burning tokens. Obviously, the intention of burning a large number of tokens is to drive up the price of SHIB over a long period of time.

According to Shibburn’s website, a total of 410,373,759,584,302 SHIB tokens had been burned at the time of writing the news. At present, around 557,956,601,501,854 SHIBs are in circulation. According to the platform, after burning of over 140 million tokens on July 16, the burn rate reached 137%. Although the burn rate currently stands at 92%. This effort by the project and investors to increase the price also does not seem to be successful, as the Shina Inu is not showing much price hike.

According to Gadgets 360 Crypto Price Tracker, at the time of writing this news, SHIB was priced at Rs 0.000907 in India.

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