Massive shiba inu burn sees over 13.8m SHIB removed from circulation
Over 13.81 million SHIB have been destroyed by the Shiba Inu community, with 10.45 million being burnt by a single wallet. A staggering 10.45 million SHIB were spent in a single transaction at the SHIB Super Store, making it the clear winner for the title of largest SHIB burner.
Along with the continuing burning, there has been a recent uptick in the number of shiba inu adopted by the general public. With the recent release of Binance Pay’s most current WooCommerce plugin, more than forty percent of websites across the internet can now acknowledge SHIB as a valid payment method.
As an additional incentive for the community to participate in the store’s Weekly Burn and Earn Program, the retailer has offered a prize of 10.4 million SHIB.
The total amount of SHIB burnt in nineteen different transactions last week was 3.98 billion, an increase of 131.51% over the previous day’s burn rate.
What next for shiba inu?
The shiba inu team is discussing establishing a customized cold wallet devoted to the Shiba Inu ecosystem. These discussions are taking place with Huobi, a famous crypto exchange located in Seychelles, and Certik, a leading blockchain, and innovative contract security business. By taking this action, we want to bolster the protection of the assets held by SHIB holders and thwart any possible efforts at hacking.
The destruction of SHIB tokens has the purpose of lowering the total number of tokens in circulation to raise their value. This strategy has gained widespread adoption because other cryptocurrencies, such as Binance Coin (BNB), are designed to burn off a certain percentage of their tokens quarterly. The Shiba Inu community is dedicated to boosting the value of their token as a result of the extensive burns that they have been carrying out recently.
The meme coin’s community continues to promote the acceptance of and value of its token while contributing to humanitarian organizations. Destroying SHIB tokens is still a common practice in the cryptocurrency community, as everyone is fascinated to see how the value of SHIB develops when the burns are carried out over an extended period.