This SHIB burner has been continuously destroying Shiba Inu since November of last year and recently started burning through Amazon
The @shib_superstore account on Twitter that was set up for an online shop by game developer Travis Johnson summarizes how much Shiba Inu’s shop has burned down since the fall of 2021.
More than 2.25 billion meme tokens were named, and most recently the shop has been using Amazon for the weekly SHIB burn.
A total of $55,000 burned so far at SHIB
The tweet states that in the past seven months, since November, a total of 2,257,736,799 Shiba Inu tokens[55,000 डॉलर के बराबर]are taken out of circulation and sent to the dead-end wallet, where these canine tokens were permanently locked. This is called “burning” and aims to reduce the current supply of circulating tokens (not just SHIB’s) in order to trigger a substantial price increase.
The latter could in theory be that, as a greater amount of tokens are locked into wallets without spending, a coin becomes more scarce as demand for it remains the same and even larger. Happening too.
@shib_superstore emphasized that most of the total amount of Shiba tokens destroyed was burned when the coin was trading 50 percent higher than now (current exchange rate is $0.00008749 per token).
We’ve been able to burn 2,257,736,799 SHIB since November, totaling $55,000 USD.
Most of that burning was done with the price of SHIB 50% higher than it is today!
Let’s focus and do some major burning when we get the chance! https://t.co/ruQ5pMVFzb pic.twitter.com/N4EbR0Chve— Shib Super Store (@shib_superstore) June 20, 2022
amazon powered burns
On May 27, @shib_superstore published a tweet stating that from that point onwards the shop would be included in an Amazon affiliate program and would enable the shop to burn more meme tokens using commissions.
Using part of the profits from smartphone games (advertisements), selling branded goods with merchants and SHIB mascots, etc., the shop organizes a SHIB burn every Sunday.
On June 20, U.Today reported that the store destroyed 70,276,169 meme coins.
SHIB burn rate up 163%
As reported by the @shibburn Twitter account, over a period of the last 24 hours, a total of 220,985,769 Shiba Inu have been burned.
The largest transaction, moving SHIB to the dead wallet, moved 50 million and 80 million meme tokens.
The Shibburn website states that SHIB’s overall burn rate has increased by 162.98 percent.