KEY POINTS

  • Shib Army burned around 400 trillion SHIBs in 65 days
  • The ShibaBurn rewards investors each time they burn SHIB
  • SHIB was trading down 9.89 percent at $0.000009732

The Shiba Inu community, more popularly known as the Shib Army, has achieved a remarkable milestone by burning around 400 trillion tokens, and investors hope it would help surge the price of the dog-themed altcoin.

ShibaBurn, the burning mechanism released on April 23, is designed not only to decrease the number of circulating tokens but also to incentivize investors each time they burn their tokens. Since its release, the portal has recorded that the community has burned 410,370,460,561,720 SHIB tokens.

It is also a smart way to make the tokens scarce and thereby increase their value, benefitting investors. "This portal has been built to reward $SHIB burners, with a passive income acknowledgment, in the form of $RYOSHI Rewards. Meaning that 0.49% of all RYOSHI transactions will be distributed to owners of $burntSHIB," developers said.

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Shiba Inu Tokens Burned in Official Shib Burn Portal shibarmy.co/Shiba Army Official Website

Those who participated in burning SHIB have started to reap their rewards via the ERC-20 token Ryoshi. It is worth noting that the community has burned 400 trillion SHIB in just 65 days and if this rate continues, it will be a significant figure in the decrease of the altcoin's maximum circulating supply of 589,735,030,408,323.

In addition to this, Shiba Inu saw a sharp spike in its trading volume as WhaleStats announced its re-entry into the top 10 most purchased tokens among 2000 biggest Ethereum whales on Monday with the accumulation still ongoing. The top 5000 whales on Ethereum currently hold $663,117,830 worth of Shiba Inu tokens and the "biggest token position" held by whales by dollar value.

The Shib Army is still waiting for the official announcement of the launch of its Layer 2 solution Shibarium and Shiba Games–both projects are set to roll out anytime this year. With a lot of projects in development and with a community-driven effort, Shiba Inu operates more than an altcoin.

As of 2:23 a.m. ET on Wednesday, SHIB was trading down 9.89 percent at $0.000009732 with a 24-hour volume of $472,536,073 based on the latest data from CoinMarketCap.

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