Shibburn.com, the primary Crypto burn tracker, reported that the Shiba Inu community had removed over 603 million SHIB in one day. In actual numbers, the community disposed of 603,240,815 (603.24M) tokens worth $7,112 through 69 separate transactions carried via SHIB Burn Portal.
SHIB Burn Rewards
Last week, the community disposed of 22,200,398,699 (22.20B) SHIB tokens to the dead wallet through 497 separate transactions. As a result, the SHIB Army is currently motivated by the low cost of burning provided by the SHIB Burn Portal and aims to burn a massive amount of tokens in the market.
Furthermore, SHIB burners who utilised the Burn Portal earned rewards in the form of Ryoshi Vision, an official partner token of the Shiba Inu ecosystem.
The first ShibaBurn rewards were shared among SHIB burners on 17th May. This action increased the burning activities as 12,421,420,499 (12.42B) SHIB, worth $143,964, was permanently removed from circulation on May 19th alone, creating a new record burn.
Major Development of Shiba Inu
There is little progress regarding Shiba Inu’s price as the global market is still pressured to sell. Nevertheless, the burning exercise will reduce the general SHIB supply, significantly influencing the next bull market.
Shiba Inu is currently trading at the price of $0.00001166, down -6.65% over the last day, with a 24-hour trading volume of $538,392,736 ($538.39M).