On September 12, the Shibburn Twitter account reported that a huge number of Shiba Inu tokens (SHIB) have been burned in the last 24 hours. 60,848,8Z9 SHIBs were destroyed in 12 transactions in just one day.

Recall that users can burn their SHIBs using the Shiba Inu Burning portal. SHIBs sent to a particular wallet cannot be withdrawn back, so these tokens are permanently removed from circulation.

The Shiba Inu Burning portal was created to solve the problem of declining demand for the coin. Its idea is to burn as many coins as possible and reduce the supply, which, in turn, will increase the price if demand is maintained.

According to the Shibburn website, the total number of SHIBs destroyed is currently 410,380,2Z2,371,857, accordingly, the current number of tokens in circulation is 559,508 536,264,002.

According to CoinGecko, a cryptocurrency data aggregator website, SHIB is currently the 12th largest cryptocurrency with a market capitalization of $7.6 billion. At the moment of writing this article the meme coin was trading at $0.00001305 with daily growth of 1.2%. Approximately that much is the weekly growth.

https://altcoin.ng/60-million-shiba-inu-burned-in-12-transactions/