Shiba Inu army burns nearly 1 billion SHIB despite weak price performance

Massive amounts of Shiba Inu continue to vanish from the circulating supply due to the SHIB community’s collaborative efforts and the recent launch of the Shibarium testnet. This time, the quantity of SHIB burned in the last 24 hours equals the amount transferred to dead wallets in the previous week.

Shibburn reports that in the last 42 hours, 802,428,808 Shiba Inu had been removed from circulation in six transactions. This increased the burn rate by 2,080%. One of them involved a transfer of 794,858,822 SHIB to an “inferno” wallet.

Earlier last week, the SHIB community destroyed 834,804,461 SHIB in 82 transactions. These two add up to 1,642,854,789.

According to Shibburn, 410,391,857,902,711 Shiba Inu tokens have been destroyed, accounting for roughly half of the initial one-quadrillion supply. With the introduction of Shiba Inu in August 2020, its mysterious founder, Ryoshi, moved roughly half of the supply to Vitalik Buterin’s wallet.

Buterin burned most of this chunk and donated $1 billion in Shiba Inu to the Crypto Relief fund in India, which aids in the fight against the pandemic’s consequences. Following that, Buterin received $100 million in Shiba Inu from the contribution. Sandeep Nailwal, co-creator of Polygon, established the aforementioned fund.

He explained this partial “refund” to Buterin as a result of needing to follow Indian rules that place strict limits on programs that can collect donations from a single individual or organization. Buterin was then inspired to establish the “Balvi” fund. It works directly with initiatives that manufacture vaccinations, ventilators, and other such products and provides funds to these charity groups.

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