Over 1.5 trillion SHIB burnt in the past 24 hours.

April 17, 2023

Shiba Inu is seemingly on a burning spree as the burning rate reached 1.5 trillion in the past 24 hours.

Token burning refers to the process of permanently destroying or removing a certain number of tokens from circulation.

Burning has direct implications on the supply and is a way to increase a token’s market price.

In the said timeframe, a handful of transactions have been reported where millions of SHIB tokens were burned at once.

One such noteworthy transaction was reported on April 14, in which 1.49 billion SHIB (1,494,278,561 SHIB) was transferred to a dead wallet.

In another transaction, 16.7 million SHIB (16,712,083 SHIB) were sent to a burn address in a single transaction.

Out of the total supply of 1 quadrillion tokens, the total burned so far from the initial supply is 410,632,927,829,053 SHIB.