September 29, 2022

Shiba Inu network burned 316 million coins in two days

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Over the past two days (since June 14), the Shiba Inu community has gotten rid of 316 million SHIB coins, removing them from the general supply. Over the past 24 hours, from June 15 to June 16, 2022, over 75 million coins were liquidated, which required 11 transactions to complete this operation.

Token burning is a common practice in the crypto world as it is a working mechanism to reduce the circulating supply. This increases the likelihood of an increase in the value of the asset in the foreseeable future. Liquidation of SHIBA coins is carried out regularly, with several projects burning as much as they can afford to buy at once.

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