Almost 60 Billion Shiba Inu Tokens Burned Since Portal Launch

The number of Shiba Inu (SHIB) coins in circulation is on the decrease, thanks to a new burning portal that has been in place since April.

According to the ShibBurn website, more than 22.2 billion SHIB tokens were burned in the previous seven days leading up to May 22, 2022. This amounts to around $279,281 worth of SHIB.

It is estimated that it took around 500 transactions to move this amount of SHIB. It also seems like the burn rate is steadily increasing.

In addition, Twitter user Shiba Archives shared in a tweet posted on May 26 that “we’ve burned 60 billion SHIB since the portal launched.”

This SHIB burn already seems to have a positive effect on the meme coin. More and more businesses have already started accepting Shiba Inu. Aside from this, thousands of restaurants in more than 60 countries will be accepting SHIB, thanks to a partnership between Lavu and Verifone.

With regards to the burn’s effect on the price, things may not be so simple. When looking at SHIB’s performance since the launch of ShibSwap in April, we see that Shib’s price has dropped by nearly 50%.

This, however, might have nothing to do with SHIB’s performance, as most cryptocurrencies have fallen quite a bit over the last month or so.

SHIB’s burn rate seems to have taken quite a dip over the last 24 hours.

According to CoinMarketCap, SHIB is currently worth $0.00001093 after a 5.63% drop over the last 24 hours.

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