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More than 220 crore Shiba Inu tokens out of circulation in about 1 week

Dead wallets are cryptocurrency addresses that have been dormant for many years. They always have funds, but there are no outgoing transactions from them.
Shiba Inu’s burning process has seen a tremendous jump, with a claimed that around 220 million SHIB tokens have been burned in about a week. It has also been reported that a quarter of these tokens have been burned in just 24 hours. Coin burning is a process where cryptocurrency miners and developers remove a portion of a token from circulation in order to control their price. Limiting the supply can control the price, encouraging investors holding that token to hold the token longer.

Shiba Inu’s burning tracking website Shibburn took to its Twitter handle (via U.Today).) reported that SHIB fans are taking a large portion of tokens out of circulation with the technology of “Token Burns”. It has been informed that about 220 crore tokens of SHIB have been burnt in about 7 days last week, of which a quarter has been burnt in about 24 hours.

Shibburn says that between March 14 and March 20, about 200 million SHIB tokens have been transferred to a dead wallet. Dead wallets are cryptocurrency addresses that have been dormant for many years. They always have funds, but there are no outgoing transactions from them. This means that these accounts cannot further re-spend these SHIB tokens nor can these tokens be withdrawn from them. Shibburn tweeted

on SundayA total of 1,633,542,121 Shiba Inu tokens have been transferred to multiple dead wallets. By that time the total value of these tokens was around $37,979 (approximately Rs 29 lakh). All these transfers have been done through 55 transactions.

Not only this, another tweet by Shibburn on Sunday stated that a total of 175,109,831 SHIB tokens were taken out of circulation through 87 transfers in the last 24 hours. After this on Monday also 392,838,690 tokens were sent to the dead wallet through only 4 transactions. This together is about a quarter of 220 crores.

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