Millions of SHIBA INU tokens were destroyed at the end of 2022

Millions of SHIBA INU tokens were destroyed at the end of 2022

SHIB burn recorded a 13,000% spike as hundreds of millions of tokens were destroyed at the end of 2022. According to the tracker of crypto burn transfers Shibburn,upwards of 100 million SHIB tokens were burned in a 24 hour period. In the 48 hours that followed, 300 million more of the Dogecoin-killer’s tokens were permanently removed from circulation in a single transaction. In addition over the past two days, the SHIB army has removed around 250 million Shiba Inu.

On Jan. 1, 90,098,748 meme coins was sent to “inferno” wallets, taking nine transactions to achieve that. On Jan. 2 so far, they have managed to remove a total of 159,411,895 SHIB from circulation, which took 13 transactions to dead wallets.

Shiba Inu, a meme coin with $4.78 billion market capitalization, recorded a massive spike in its burn rate. Burn mechanism is key to the SHIB ecosystem as it removes tokens permanently from the circulating supply, influencing supply dynamics and the price of the asset.

What is Shiba Inu?

Shiba Inu is a cryptocurrency that was created in 2020 by a mysterious person who calls themselves Ryoshi. The name ‘Shiba Inu’ was stolen from the fluffy dog that was the subject of many memes at the time.The coin started as a joke it was meant as a kind of parody of Dogecoin, which was rising fast in both price and popularity despite having little use in the real world. In fact, Shiba Inu called itself a “Dogecoin killer.”

Shiba Inu runs on the Ethereum blockchain, and while each token or coin is worth just a fraction of a cent, the price went wild in 2021 turning a few early investors into millionaires. While prices have gone back down from whence they came, it still remains one of the most popular cryptos.The Shiba Inu development team is currently busy working on two major projects: SHIB Metaverse and the much-awaited Layer 2 protocol, Shibarium.

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