30 Million SHIB Tokens Burned Amid 17% Recovery

Arman Shirinyan

Constant burning events may have helped the asset’s price recover by more than 15% in the last 24 hours

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According to the report of the Shibburn trackerMore than 30 million tokens have been burned on the network recently, following the recovery in the cryptocurrency and altcoin markets.

Tokens have been moved to a wallet that acts as a “brand address”; any funds moved to it will not be recovered and cannot be withdrawn later. Numerous cryptocurrencies use the same method to reduce the circulating supply.

As for the performance of SHIB in the market, the token has successfully recovered and gained almost 20% of its value, but it has not yet repeated the success of such altcoins as LUNA, which has been trading at a premium of 30% since yesterday. traded.

Previously, Shiba Inu held constant burning events designed to support the value of the token. Reportedly, 410 trillion SHIB have already been burned, with more tokens being moved to the dead end address almost every day.

U.Today reported that Shiba Inu has entered the top of most-bought assets among whales, alongside a 207% increase in trading volume. As of going to press, Shiba Inu whales held $1.3 billion in tokens, while SHIB ranked second among the largest USD-valued holdings in Ethereum portfolios.

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