New burning activity recorded in Shiba Inu. Shiba Inu Army has burned more than 270 million tokens while 16 crore Shiba Inu tokens have been inadvertently burned from wallets in a single transaction. This burning is done within 24 hours. The platform that tracks the burning of Shiba Inu, the second largest meme cryptocurrency in the world, has reported in the released figures that over the past few days, millions of Shiba Inu tokens have been sent to dead wallets to reduce the circulating supply of tokens.
According to Shiba Inu burning tracking platform Shibburn, crores of tokens have been burned in 22 transactions over the past day. The number of these tokens burned is said to be 276,280,888. Also 160,549,026 SHIB tokens were burned from an unknowing wallet. Burning of tokens is usually done by the Shiba Inu team, so that the supply of tokens in the market can be reduced. This process has been going on continuously for the past few days. But a burning transaction has also been tracked from an unwitting wallet. Information about this wallet has not been given.
After Shiba Inu Army burned more than 270 million tokens, its burn rate increased by 25%. A total of 410,378,568,111,971 Shiba Inu tokens have been released from circulating supply. There are still 558,186,954,742,224 tokens in circulating supply. To reduce their number, Shiba Inu army may have to do many more transactions of burning. It may take a long time. To reduce the market supply of tokens, burning is done from time to time so that the price of tokens can increase.
If we talk about the current price of Shiba Inu today, i.e. 29 August, its trade opening was in red. The price of the token has fallen slightly in the last 24 hours. Today its trade opened with a loss of 1.40%. According to Indian crypto exchange CoinSwitch Kuber, at the time of writing Shiba Inu was trading at Rs 0.000958. A day ago, the price of this meme token saw an increase of 2.92%.