SHIB Developer Has Burned Around 25 Million Shiba Inu Tokens

This is the amount of Shiba Inu burned. (Quantitatives-Unsplash)

JAKARTA – Crypto meme competitor Dogecoin (DOGE), Shiba Inu (SHIB) is reported to have burned more than 25 million tokens in the fires carried out in the last few days.

The SHIB token has been sent to a wallet address specifically used as an address for tokens that will be removed from circulation. Information on the number of tokens burned was submitted by the Twitter account tracking the number of SHIB tokens burned, namely @shibburn.

Therefore, no matter how many SHIB tokens are sent to that address, it cannot be withdrawn or sent to other parties. This method is not only used by Shiba Inu developers, but is also commonly used by various other crypto developers to reduce the supply of coins or tokens currently circulating.

At the time of writing, the price of the Shiba Inu is trading at the level of US$0.00002513 (approximately Rp.0.3) per token. The price performance of the Shiba Inu has increased by 3.8 percent in the last 24 hours. However, in one week the price of SHIB decreased 10.7 percent in the past week.

Reporting from U.Today, previously the Shiba Inu developer has carried out constant burning designed to support the value of the token. Reportedly, 410 trillion SHIBs have been burned, with more tokens being moved to burning addresses almost daily.

In addition, it was also reported that the Shiba Inu has topped the most purchased asset among whales, the increase in trading volume of the token skyrocketed 207 percent. For information, SHIB already has Shibaswap. They also own two other tokens in their ecosystem, LEASH and BONE.