With a SHIB burn of nearly 28 billion tokens in a day

With a SHIB burn of nearly 28 billion tokens in a day

Shiba Inu's (CRYPTO: SHIB) price showed strength on Wednesday morning as the meme token continues to be a target for a community-led effort to burn through the remaining supply.

What Happened: The circulating supply of SHIB decreased by 28,406,448 in the last 24 hours, which is equal to a burn rate of 3,255.93%.

The SHIB community has been working to reduce the overall supply of the meme token in hopes of boosting the price. The activity usually sees community members sending the tokens to a dead wallet address, rendering them useless and uncirculating.

At press time, SHIB is trading at $0.00001228. The token is up 2.1% over the last 24 hours. SHIB has a total market capitalization of $7,230,833,722.

The token is down 9.7% over the last seven days.

Related Link: Is It Possible To Burn All 1 Quadrillion Shiba Inu Tokens?

SHIB Burn Rate Spikes

Over 410.7 trillion SHIB tokens have been burned from the initial supply. This is a small portion of the 1 quadrillion (1,000 trillion) maximum total supply.

The token's total supply is currently 589.25 trillion, with 584.39 trillion still in circulation. A total of 4.85 trillion tokens are also staked in the Shiba Inu ecosystem under xSHIB.

The xSHIB serves as proof of commitment from long-term holders who help to provide network security and receive benefits for staking.

Community Burns Show Engagement

The SHIB community has been quite active as of late, which can be seen in the burn transaction data. Several large transactions sending SHIB to burn wallets and out of circulation have been spotted over the last few days.

Among the biggest burns include 16.6 million SHIB tokens sent to a burn wallet 15 hours ago and 10.8 million tokens sent to a burn wallet about six hours ago.

The recent SHIB burn data also includes the largest transaction on this list with over 60.4 million SHIB tokens sent to a burn wallet three days ago.

The biggest community burns over the last 24 hours (as of 9:48 a.m., Wednesday):

A portion of a recent, massive burn was completed by the SHIB community in cooperation with the cryptocurrency exchange Gate.io. The exchange said it would send 10% of the trading fees generated from a SHIB futures trading competition to a burn wallet.

The competition, which ended on Tuesday, generated a total of 444.88 ETH in trading fees. With ETH trading around $1,640 at the time, the sum is equal to about $730,000.

Of that sum, 10% — about $73,000 — was sent to a burn wallet. The move also serves as a contribution to environmental, social and governance investing, according to Gate.io.

The community also recently celebrated a major milestone with over 410 trillion SHIB tokens burned since the token’s launch.

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