A significant amount of Shiba Inu SHIB/USD was burned over the last 24 hours.
What Happened: The Shiba Inu burn rate surged 1167% on Thursday, as per data from token burn tracking portal Shibburn.
Data shows that over $181 million worth of SHIB tokens were sent to a burn wallet — effectively removing them from circulation.
More than 410 trillion tokens have now been removed from circulating supply. At the time of writing, around 31 trillion SHIB had been staked, taking the meme coin’s circulating supply to just over 558 trillion SHIB.
The main source of SHIB burns comes from the Shiba Inu token burning portal, which was launched earlier this year. Over 8 billion SHIB tokens were destroyed within the first 24 hours of the burn portal launch.
See Also: IS SHIBA INU (SHIB) A GOOD INVESTMENT?
Besides the burn portal, some users have opted to burn SHIB on their own through less conventional avenues. Travis Johnson, a user behind the SHIB Super Store account, facilitates token burns via commission earned from Amazon.com Inc AMZN.
Johnson encourages users to sign up with his Amazon affiliate program link. He then burns SHIB with the commission earned from sign-ups.
So far this month we have been able to burn $220 worth of SHIB by using Amazon.— SHIB Super Store (@shib_superstore) August 17, 2022
$220 that did not cost anyone in the army extra money out of pocket!
Back to school is coming up, you could burn 3%-4% of your purchase price by shopping through this link!https://t.co/To0y0Pq7Cw pic.twitter.com/BKkYTLCkqz
Price Action: At press time, SHIB was trading at $0.00001338, down 9.63% over 24 hours, as per data from Benzinga Pro. Earlier this week, the meme coin saw $13.7 million worth of liquidations when its price surged 36% in a single day.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month