Shiba Inu burns 5.3 trillion tokens since July, a big jump in price

News of the burning of Shiba Inu tokens has been pouring in for two weeks now. The effect of token burning is now visible in its prices and this has come to the fore in the latest data. Token burning is done to reduce the circulation of a token in the market so that the demand for the token in the market increases and the price increases. A report has revealed that the token burning for the Shiba Inu has been going on continuously for the last one and a half months, which is showing a positive effect on its price.

The Shiba Inu token burning tracker website Shibburn reports that 5.3 trillion Shiba Inu tokens have been burned since July. This process of burning is still going on. 135,418,982 tokens of Shiba Inu have been burned in the last 24 hours. This process has been completed in 21 transactions. Meanwhile, 613,214,213 SHIB tokens have been burned within the last seven days. The report states that till date a total of 505 transactions have been done for the burning of Shiba Inu. Since July, 5.3 trillion Shiba Inu tokens have been burned.

This figure of SHIB burning may have been higher by now because the recently released data by Burn Tracker says that millions of tokens have been burnt. In the last 24 hours, 3,685,740 Shib tokens have been burned in a single transaction and 5 lakh tokens have been sent to dead wallets. Burning means sending the token to a burn address or sending it to a wallet from where no further transactions can be done with the token. These are called dead wallets, from where tokens can neither be forwarded nor withdrawn. It is believed that this increases the price of the token, but it is not guaranteed that this happens every time.

Talking about the effect of burning Shiba Inu, in July, the price of Shiba Inu has increased by 13.04 percent. This is by far the biggest gain for the token since February 2022. Burning of 5.3 trillion tokens sounds like a big figure, but if we look at its value, it works out to 64 thousand dollars. Shiba Inu developer Shytoshi Kusama believes that this burning process is necessary to boost tokens. Talking about the current price of Shiba Inu, today its trade opening has been with an edge. On Tuesday, the price of Shiba Inu has seen an increase of 0.21%. At the time of writing this news it was trading at Rs 0.000947 on Indian exchange Coinswitch Kuber.

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