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Shibburn.com, a platform that tracks the statistics of burned Shiba Inu tokens, has reported over 1 billion $SHIB tokens have been taken out of circulation forever during the last 24 hours. To be precise, 1,021,292,580 billion SHIB tokens have been burned and sent to several dead crypto addresses from where no one can spend or withdraw them. It took the participants 41 transactions to achieve that. https://twitter.com/shibburn/status/1506118481246310401 ETH SHIBA, a newly emerged project launched on the Binance Smart Chain claimed that they have successfully sent 359,619,654 million SHIB tokens among the null addresses in one transaction and have burnt a total of 759,687,913 million SHIB tokens. https://twitter.com/eth_shiba/status/1505935237595156482 Another unofficial Shiba Inu token 1CENT has also claimed on burning of 386,563,384 million SHIB tokens, which is 18% more than their previous week’s burn of 327,564,569 million tokens. https://twitter.com/walkstreet8/status/1505812670108381186
Shiba Inu Yet to Reclaim ATH
Token burns are popular in the cryptocurrency space, as with demand remaining steady or rising and supply being burned, a token’s price tends to rise as it’s effectively deflationary. So far, the numerous burn initiatives, however, have not helped the second-biggest meme coin by market cap, SHIB, to even get back to its October all-time high. At the moment, the token price remains down 75.78% from the October 2021 historic peak of $0.00008845 per token. Currently, SHIB is changing hands at $0.00002355, up 2.8% from the past 24 hours.