Shiba Inu (SHIB) crypto tokens witnessed an increase in the number of investors after about 509 million tokens were burned in the previous week.
According to data from Shibburn.com, a total of 508,825,823 SHIB crypto tokens were burned in about 15 transactions by various big investors.
Crypto coin burning is an exercise wherein the said cryptos are sent to a wallet address which cannot be recovered, and after the execution of the transfer, the address details are deleted. This effectively depletes the circulating supply of the burnt crypto in the open market.
A crypto may be burnt due to various reasons, but the most common reason is to make the said crypto’s supply scarce, and thereby, appreciate its price in the market.
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According to data from Shibburn.com, SHIB crypto token burn rate for the past 24 hours stands at negative 17.33 per cent at 113 million SHIB tokens.
New SHIB Holders
According to whatestats.com, on May 28, 2022, an anonymous user called “BlueWhale0073” bought 147 million Shiba Inu crypto tokens worth $15.62 million as per the current market price.
Not only this, but as per fxstreet.com, there were about 30,000 new SHIB holders ever since the spike in SHIB burning phenomenon occurred last week.
Total SHIB Burnt Till Now
When the Shiba Inu crypto token was launched in August 2020, it had a total supply of 1 quadrillion. But now, after almost two years, due to various coin burning exercises, 410.3 trillion SHIB tokens were removed from circulation.
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New Alternative Burning Mechanism
A user who goes by the twitter handle (@shib_superstore) which represents Travis Johnson’s SHIB burn games exercise said that they have now been accepted by Amazon Affiliate Store. They intend to use about 1-20 per cent of proceeds from the Affiliate store to finance the SHIB burning exercise.
“You can buy literally anything! By using the link provided, depending on the item, between 1 per cent and 20 per cent of purchase price will be burned,” read a Tweet from the SHIB Superstore.
Collectively, they have burned 20.3 million SHIB tokens till now, and have raised money for this via selling SHIB merchandise, SHIB branded content, YouTube channel videos, and others.
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