Shiba Inu Burns 1 Billion SHIB Tokens to Celebrate ShibTorch Upgrades

About a billion Shiba Inu SHIB/USD tokens were removed from circulation on Thursday, applying further deflationary pressure on the popular dog-themed cryptocurrency.

A massive burning event took place on Thursday, with a staggering amount of Shiba Inu (SHIB/USD) tokens being removed from circulation.

Kaal Dhairya, a prominent figure in the Shiba Inu ecosystem, announced the burning on X to mark the upgrades made to ShibTorch, a community-driven burn portal for Shiba Inu.

“To celebrate the progress team is making the deployer has burnt pending 1B SHIB, enjoy,” Dhairya added in the announcement.

Coin burning is the process of intentionally sending a cryptocurrency to an unusable wallet address to take it out of circulation. This is done to create scarcity and, over time, help boost the market value of the token.

With this massive incineration, the burn rate for SHIB skyrocketed to 43325.59% over the past 24 hours, as reported by Shiba Inu’s official burn tracker.

As of this moment, a total of 410.744 trillion SHIB tokens have been burned.

ShibTorch was launched on Shibarium, Shiba Inu’s Layer-2 blockchain, in August last year. It allows users to participate directly in burning tokens.

It’s also worth noting that a portion of the transaction fees paid on Shibarium are set aside and burned.

The mega-burning event follows a major tease by Shytoshi Kusama, the lead ambassador for Shiba Inu. Earlier this week, they hinted at the “biggest announcement” ever regarding the blockchain ecosystem.

Kusama went on to tease an “extremely powerful partnership” in the works.

Meanwhile, SHIB’s daily active addresses increased by 1.15% over the past 24 hours, while large transactions, involving whales, decreased significantly, according to data from IntoTheBlock.

The SHIB price showed a 0.41% rise over the past 24 hours, trading at $0.00001859 at the last check, as per Benzinga Pro.

The post Shiba Inu Burn Rate Skyrockets 43325% As 1 Billion SHIB Tokens Get Burnt In ‘Pending’ Event appeared first on Benzinga.