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140 Million Shiba Inu Burned as Burn Rate Spikes 137%: Report


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Yuri Molchan

Another substantial chunk of Shiba Inu tokens removed as burn rate jumped up

As reported by the burn tracker Shibburn, in the past 24 hours, joint efforts by various burn initiatives have helped to move over 140 million Shiba Inu tokens to dead wallets, where these meme tokens will be locked permanently.

140.2 million SHIB burned

As per a recently published Shibburn account tweet, a total of 140,223,703 meme coins have been burned, i.e., locked in unspendable wallets, in the past 24 hours.

The goal of burning coins is to make SHIB more scarce, thus trying to push the price up in the long run. So far, according to the SHIB burn tracker website, a total of 410,372,927,333,423 Shiba Inu have been burned already from the total supply in circulation. Despite this fact, the price remains 88% below the historic peak of $0.00008845 per coin that was reached in late October last year.

Currently, there are 557,989,334,995,503 SHIB circulating out there. As a result of the aforementioned burn, the burn rate of Shiba Inu has surged 136.7%, according to the Shibburn website.


Image via Shibburn

Largest exchange in Philippines to list SHIB

According to several recent tweets posted by Coins.ph, the largest regulated crypto exchange in the Philippines, the platform intended to list Shiba Inu on July 13.

However, due to certain technical issues, the listing of the second largest meme coin by market cap has so far been postponed. The exchange promised to list Shiba Inu “very soon.”

Whales keep buying SHIB en masse

As reported by U.Today earlier, Shiba Inu has again taken the place of the largest crypto asset in USD equivalent held by the largest Ethereum whales.

Presently, these investors are holding $559,974,432 in SHIB, which is 22.35% of their comprised portfolio.


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