In April Shiba Inu introduced a burning portal allowing holders to permanently destroy their tokens. This was aimed at reducing the circulating supply while also enabling users to receive passive income. Since then, more than billions of such tokens exited circulation.
In fact, a week ago, over 1.4 billion tokens were burnt in over 160 transactions. At press time, the activity continued to garner interest.
Burning the pup
The community burnt or rather destroyed nearly half a billion meme coins as per Shibburn crypto tracking service. To be precise, the community sent a total of 405,282,493 meme tokens of the circulating supply in dead wallets. Thus, making the circulating supply shrink further. The burn rate, in fact, witnessed almost a 100% hike as seen in the graph below.
Well, they aim to make Shiba Inu slightly more scarce with a potential of a price increase in the long term. The portal, within a week, recorded 25 billion SHIB burnt out of the circulating supply.
🔥🔥 25 BILLION SHIB BURNED!!! 🔥🔥 pic.twitter.com/rIA7nYgSEr
— Archangel (@RealCryptoAngel) May 5, 2022
This burn feature is actually the user’s choice, and it does nothing more than show their dedication to making SHIB a sustainable and valuable currency.
Different dominant buyers transferred the flagship token for the same reason. The biggest single transfer of 112,462,000 SHIB, occurred approximately 12 hours ago of press time from the 0x28a121e4732d7cc5972b16e48590103b2574f806 address.
In addition, Whalestats revealed that the whales have been actively accumulating the token. This resulted in an increased Shiba Inu smart contract usage and has made it one of the most used smart contracts among the largest Ethereum wallets. The latest shopping spree got recorded on 7 May.
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) May 6, 2022
Furthermore, over 1.4 billion tokens were burnt in over 160 transactions a week ago.
Who’s backing this pup?
Well, the meme coin did enjoy some attention outside the crypto world. For instance, as reported by Vogue Business, Italian fashion luxury house Gucci soon would start accepting Shiba Inu and other cryptocurrencies at select locations in North America.
That said, such developments didn’t quite help the ‘stagnant’ price. At press time, SHIB suffered a fresh 0.45% correction as it traded at the $0.000018 mark. It goes without saying that SHIB still awaits vital triggers that could help its price action.