$15M Shiba Inu Token Has Burnt In The Last 24 Hours

$15 Million Shiba Inu Token Has Burnt In The Last 24 Hours
  • Shiba Inu currently trading at  $0.000012 USD.
  • Shibarium will be expected to launch in next month.

Shiba Inu (SHIB) is the second-largest Meme cryptocurrency, now it has a circulating supply of over $549 trillion SHIB coins. Last month developers of the Shiba Inu token introduced a new burning mechanism that will provide a passive revenue supply for burners.

According to a tweet from the shibburn platform, which monitors SHIB burn transfers via Etherscan, These addresses freeze tokens, preventing them from being used or withdrawn at any time. Three unique addresses are used to calculate burn in that,  two dead wallets with no obtainable keys and tokens are transferred to the Genesis address (Black Hole), which will reduce supply. The Shiba Inu has transferred $15,000,000 SHIB currently worth 180.420897 USD to dead wallets. This outcome came after a total of 96 transactions.

Burning Mechanism Made SHIB Steady

Shiba Inu burning mechanism have been terrible idea because of the crypto market recent bearish moment. However, SHIB’s price is steadily increasing currently trading at  $0.000012 USD and increased by 1.95% in the last 24 hours. Earlier this morning biggest transaction appeared, $50,043,298 SHIB currently worth $609.479722 USD transferred to the dead wallet. 

According to the WhaleStats crypto analytics portal, one of the largest Ethereum whales has purchased yet another massive amount of SHIB. On Sunday evening the wallet holder “BlueWhale0105” purchased Shiba worth 8,999,495,043 worth of $113.086367 USD at the time of writing.

The SHIB community is expecting the launch of its Shibarium this month or in June 2022 as a layer-2 solution for the leading meme coin Shiba Inu (SHIB). The Shibarium Blockchain will develop a unique stablecoin protocol, SHI, in collaboration with the Unification Foundation. Shibarium will also provide new features to Shiba’s governance token, BONE.

A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.