Over 1.5 BILLION Shiba Inu tokens burnt in the last 24 Hours

The Shiba Inu Coin has received attention for a variety of reasons, despite its low current value. However, the coin is capturing a significant portion of the crypto market and proving to be a good alternative for investors.

Ryoshi, an unnamed person, designed the Shiba Inu coin in August 2020. We have no information about the genuine identity of the creator, like we did with Bitcoin and Satoshi Nakamoto. Ryoshi could be a community of people, not just a single person, for all we know.

It is a Dogecoin altcoin, which is an altcoin of Bitcoin. Shiba Inu, a Japanese dog breed, inspired its name. It is quite popular among major cryptocurrency exchanges due to its following audiences, memes, perseverance – and a lovely puppy.

In the last 24 hours, almost 1.5 billion Shiba Inu tokens have been burned via the Shiba Inu burn gateway. Since its launch earlier this month, the SHIB burn webpage has recorded hundreds of SHIB transactions worth thousands of dollars. The fundamental goal of burn portals is to boost demand while increasing costs by limiting supply.

What Is Crypto Burning?

Coin burning is the process of destroying a coin so that it can no longer be used (trading or otherwise). The coins will be sent to specialised addresses with inaccessible private keys by the developers and miners. Furthermore, they should make the proof-of-burn algorithm available to the market in order to promote cross verification. The burning of crypto coins reduces the supply, which theoretically acts to increase the currency’s price and benefit investors.

SHIB Price Is Still Unchanged

SHIB’s burn attempts have proven to be useless to increase its price. However, despite the token’s recent poor performance, the Shiba Army, which is continuously and rapidly growing, appears unaffected by the SHIB price. Despite the markdown of the currency, SHIB was, surprisingly and impressively, able to recruit new customers and increase its applications.

SHIB was able to receive around 15,000 new wallet holders, despite the crypto markets’ dramatic drop.

The SHIB army is eagerly expecting the arrival of its Shibarium this month or in June 2022. If the price of SHIB rises, it will be due to the excitement generated by the debut.

According to CMC (NS: CMC ), the Shiba Inu price today is $0.000012 USD with a 24-hour trading volume of $422,467, 300 USD . Shiba Inu has been down 2.26% in the last 24 hours.

Sahil likes to use his great writing skills to curate articles about Crypto and KPOP here at Clout News.