Due to the layer 2 launched, Shiba Inu coins have been burned. But how many Shiba Inu coins have been burned and why does Doge follow the process? If you do not know yet, read the article below.
How many Shiba Inu Coins have been burned?
According to the last tweet from the Shibburn account, a total of 140,223,703 meme coins have been burned, ie locked in unusable wallets.
The purpose of the coin burn is to make SHIB more scarce in an attempt to drive up the price in the long term. According to the SHIB burn tracker website, a total of 410,372,927,333,423 Shiba Inu have been burnt out of the total supply in circulation so far. Still, the price is 88% below its all-time peak of $0.00008845 per coin reached at the end of October last year.
Currently, there are 557,989,334,995,503 SHIB in circulation there. According to the Shibburn website, the rate of burns in Shiba dogs soared by 136.7 percent due to the aforementioned burns.
Why does Doge follow the process?
Leading meme coin Dogecoin (DOGE) is also up 2.4% over the past 24 hours. According to CoinMarketCap, DOGE's daily trading volume has surged 37% and is currently trading at around $0.070.
With a market cap of $9.3 billion, DOGE is the 10th largest cryptocurrency.
How many Shiba coins do you need to become a millionaire?
Still, Shiba Inu has created thousands of new millionaires according to Shiba Inu price analysis, a $2 investment early last year could make you a millionaire by 2022.
So I hope now you know how many Shiba Inu Coins Have been Burned and why does Doge follow the process. Of course, burning isn't all good news. Some malicious actors claim that they will burn a certain amount of SHIB to gain a large following of ShibArmy. Therefore, we recommend caution with any new burns until they publish their Etherscan burn transactions.
