Over 50M SHIB Burnt In The Last 24 Hours

May 22, 2023

As per Shibburn, another recent surge has been seen in SHIB’s burning rate.

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A total of 50,763,734 SHIB tokens were burnt in the last 24 hours.

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In the past week, a total of 3,093,934,362 tokens were burnt to allegedly affect the supply and demand.

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Token burning refers to the process of permanently removing existing cryptocurrency from circulation.

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To remove a token from circulation, it is sent to a burner address that isn’t accessible and can’t undo any transactions made to it.

The idea behind token burning is to manipulate the prices by affecting the overall supply of the token.

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Out of the original supply of one quadrillion tokens, 589,357,912,568,032 are left in circulation.

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