SHIB Adds 20,000 Holders, 22.2 Billion SHIB Burned Within Week!

According to a SHIB burn tracker, more over 22 billion canine tokens have been removed from circulation in the last week. Furthermore, about 500 billion Shiba had been consumed in the last 24 hours. Meanwhile, Shib added nearly 10% today.

According to the crypto burn tracker @Shibburn on twitter, numerous campaigns within the Shiba Inu fan community have destroyed a total of 22,200,398,699 meme tokens in the last week. Despite the staggering sum, this amount of SHIB is worth $279,281 in USD. It took roughly 500 transactions to send this much SHIB to dead-end wallets, where it was permanently frozen.

Shibburn also announced on Twitter that during the last 24 hours, over 667.2 million Shiba Inu tokens have been burned by various businesses and SHIB army members. When compared to the previous one, the burn rate has increased by about 41%.

20,000 New SHIB Holders

The price of Shiba Inu last went ballistic in October 2021, when it wildly surged to an all-time high of $0.000088. SHIB has attracted a large number of investors despite being down 86.42 percent from its all-time high. There are 1,167,079 Shiba Inu owners according to current statistics. This number was at 1,139,000 at the end of April, indicating that SHIB has added over 20,000 new members since May.

A rising number of businesses, in addition to regular investors, are now beginning to accept Shiba Inu as payment. Tag Heuer, a Swiss wristwatch, has announced that it will take Shiba Inu as well as Bitcoin and other cryptocurrencies.

Aside from that, owing to a collaboration between Lavu and Verifone, two payment solutions providers, SHIB will be accepted by thousands of restaurants in over 60 countries worldwide.

Shytoshi Kusama, Shiba Inu’s principal developer, recently tweeted about a conversation with energy drink company Red Bull. Although the developer did not provide specifics, the tweet might indicate that discussions for future collaboration are continuing. Market analysts believe this will have a beneficial influence on the SHIB price. In the next weeks, several promising discoveries are expected.

How Does Coin Burning Help Crypto?

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.

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