More than 1 billion Shiba Inu tokens burned in 7 days, said the lead developer of Mime Coin

The huge increase in the burn of the Shiba Inu continues to make headlines in the cryptocurrency market. Between last Friday and Saturday, through multiple transactions, 140 million SHIB tokens were burned and sent to the dead wallet. Shibburn, a website that tracks the burn of Shiba Inu tokens, reported that 410,373,764,750,087 SHIB tokens have already been burned out of an initial supply of one quadrillion (10 million conch shells) Shiba Inu tokens. Shiba Inu lead developer Shiotoshi Kusama, on the other hand, has stated that a need for Shiba Inu burns on a large scale is a ‘true community effort’. He says that the project is working in this direction at many levels. He says it may take more time.

It has been told by Shibburn that in the last 24 hours, 7 crore 62 lakh 75 thousand 825 SHIB tokens have been burnt and 16 transactions have been done. Accordingly, it may take about two weeks (14 days) to burn 1 billion coins and it may take a long time to burn 1 trillion tokens.

The community effort that the lead developer of the Shiba Inu spoke of can speed up the burn. However, over 1 billion SHIB tokens have been burned in the last seven days and the rate remains almost constant. Currently, the Shiba Inu has a total supply of 589,626,233,367,020, with 557 trillion SHIB tokens in circulating supply and a market cap of $6.2 billion.

what are dead wallets

Dead wallets are wallets that are not in use. The tokens contained in them cannot be sent or withdrawn to any other wallet.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. 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.

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