Over 8 Bln Shiba Inu (SHIB) Burned In 24 Hours After Burn Portal Launch

The world’s second largest meme cryptocurrency, Shiba Inu (SHIB) released its much anticipated Burn Portal last week.

According to the developers, over 8 Billion Shiba Inu tokens were burned in the 24 hours since its launch. The move comes as Shiba Inu pushes into several other ventures, from launching its own metaverse to organising land sale events.

Over 8 bln Shiba Inu tokens burned

The burn portal, which was launched on Saturday, sends SHIB tokens to a dead wallet to be burned. As per the report, in a bid to shrink the circulation of the tokens, a holder burned 1 billion SHIB coins in the process.

Despite these efforts, the Shiba Inu token is trading at an average price of $0.000022 down by over 7% in the last 24 hours. However, its 24 hour trading volume of $530.5 million has seen a surge of over 80%.

As per reports, the SHIB has future plans to combine ShibaSwap V2.0, Shibarium and its metaverse together. The new burning feature will activate the automatic burns to reduce the token supply. It is expected that over 100 trillion tokens every year.

But SHIB prices still trend lower

However, it seems like these developments are not helping the dog theme meme coin to register in this market situation. Last week, the Shiba Inu’s Metaverse saw the end of the “Holder event” and a “Public Sale” was opened for the users. The lasted biding event allows every user to go and grab the land starting at just 0.2 Ethereum (ETH). Meanwhile, Shiba Inu prices have plunged by over 5% in the last 7 days.

The token appears to be tracking a broader downturn in the crypto market, which shed more than $40 billion in market capitalization over the past week.

The Shiba Inu has become the favorite token of the largest of the Ethereum whales. Many whales have been adding SHIB tokens in bulk to their wallets. As per the data, Shiba Inu is the only token that has made it to the list of top 10 tokens purchased by the largest wallets in the last 24 hours, 7 and 30 days.