Gus – Cryptocurrency Expert
Thanks to a new burning gateway that has been in place since April, the amount of Shiba Inu (SHIB) coins in circulation is decreasing.
More than 22.2 billion SHIB tokens were burnt in the seven days preceding up to May 22, 2022, according to the ShibBurn website. This translates to around $279,281 in SHIB.
It is anticipated that 500 transactions were required to shift this amount of SHIB. The burn rate also appears to be constantly rising.
Furthermore, Twitter user Shiba Archives stated on May 26 that "we've burnt 60 billion SHIB since the portal started."
This SHIB cryptocurrency investment burn appears to have already had a favorable impact on the meme coin. Shiba Inus are now accepted by an increasing number of companies. Aside from that, owing to a cooperation between Lavu and Verifone, SHIB will be accepted in thousands of restaurants in over 60 countries.
Things may not be that straightforward in terms of the burn's impact on the price. When we examine SHIB's performance since the debut of ShibSwap in April, we can observe that the price of SHIB has decreased by over 50%. This, however, may have had little to do with SHIB's success, since other cryptocurrencies have dropped significantly in value over the previous month.
SHIB's burn rate appears to have dropped significantly in the previous 24 hours.
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