Over 8 Billion SHIB Tokens Burned Through Shiba Inu burn portal in 24-Hours

Meme based token Shiba Inu is the 15th largest cryptocurrency in the market at present.

Shiba Inu, (SHIB) the meme currency dubbed as the Dogecoin killer in the crypto market has created a huge buzz due to its recent developments. From Shiberse, the SHIB metaverse to the newly launched burn portal, SHIB has made a mark with its potential in the crypto space unlike many other meme coins or digital currencies currently available in the trading market. Shiba Inu through its official Twitter handle has announced that over 8 billion SHIB tokens have been burned on the newly launched Shiba Inu burn portal in the last 24 hours.

The long-awaited Shiba Inu burning portal, which is currently live aims to provide passive income to those holding the meme crypto while simultaneously reducing the number of SHIB tokens in circulation in order to pump up the remaining tokens' price in the cryptocurrency market.

The burning of Shiba Inu have been driving price fluctuations especially after the launch of the official Shibaswap burn section that encourages and facilitates the activity. Users can now send their SHIB tokens to a burn address where the meme coins become irretrievable and users are given $burntSHIB tokens in place of Shiba Inu which they can store in their respective Web3 wallets, according to latest reports.

Shiba Inu
Web screen grab

Shiba Inu-Robinhood listing

Ranked 15th on the crypto exchange platform CoinMarketCap, Shiba Inu has also been listed on the popular Robinhood app recently after months of continues support and efforts made by the SHIB community. However, the Shiba Inu-Robinhood listing didn't make much difference. Though the price of Shib went up on the day Robinhood listed SHIB, the meme token price dropped back after a few days.

Shiba Inu Performance

Moreover, the token's performance has degraded over the past 5 months. SHIB was trading at an all-time high on Oct 28, 2021 (6 months ago), when it surged up to $0.00008845, which is now down by -74%.

Shiba Inu current price

At the time of publishing, Shiba Inu was trading at $0.0000229, which is down by -5.50% in a 24-hour trading period.

Read more