In the past week, another substantial amount of Shiba Inu has disappeared from the market for good. In total, 2.6 billion Shiba Inu tokens have been destroyed in the past seven days and 300 million tokens in the past 24 hours.
In the last 7 days, there have been a total of 2,604,802,620 $SHIB tokens burned and 191 transactions. #shibarmy
— Shibburn (@shibburn) March 27, 2022
Do you want to keep an eye on these developments? Then @shibburn is an interesting account to follow on Twitter. Here they keep track of exactly how much Shiba Inu is destroyed. The purpose of destroying the coins will be obvious, driving up the price.
Biggest Shiba Inu burn ever on March 22
On March 22, the largest individual destruction of Shiba Inu tokens ever took place. In total, 1 billion tokens went into the oven in one transaction. The week therefore started well for Shiba Inu holders.
The same Twitter account reported that more than 300 million Shiba Inu have been moved to incineration wallets in the past 24 hours. These are wallets that no one has control over and therefore coins that are ‘lost’ for good.
The burning of 300 million Shiba Inu in the last 24 hours was done in 191 transactions. Within an hour, most of the burns were done and more than 290 million meme tokens were sent to their digital graveyard.
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Three companies with plans to burn SHIB
Three companies appear to be planning to participate in the Shiba Inu burning ritual. Twitterer @shibainuart reports that the project has concluded “partnershibs” with three parties that will help the SHIB army burn tokens.
Confirmed: @JRichmondstyle† @wellyfriendsand @ginosorbillo have entered into discussions to allow🔥burn % on sales when $SHIB and $LEASH are used for payments and via @NOWPayments_io†
From what I’m hearing, each location will differ and present their own % of burn allowance.
— MILKSHAKE (@shibainuart) March 25, 2022
This list includes Italy’s Welly’s burger chain, which has renamed Shiba Inu the company’s official mascot. Furthermore, fashion brand John Richmond is participating and Sorbillo’s is also a member of the project. These companies probably hope to generate attention from the community.
The partnerships should help Shiba Inu win the battle with Dogecoin to become the largest meme coin on the market. Although they have recently also had competition from the Bored Ape Yacht Club, who have come onto the market with their own Ape Coin. All in all, the meme-coin world is a sometimes incomprehensible, but immensely interesting phenomenon.