Shiba Inu (SHIB), the world’s second-largest meme cryptocurrency, debuted its much-anticipated Burn Portal last week. Over 8 billion Shiba Inu tokens were burnt in the 24 hours since its launch, according to the developers.
Shiba Inu’s move comes as the company expands into new ventures, from developing its metaverse to organizing land-sale events.
Over 8 billion Shiba Inu tokens have been burnt
The burn portal which was launched on Saturday sends SHIB tokens to a dead wallet to be burned. According to the report, a token holder burnt 1 billion SHIB coins in a bid to reduce the token’s circulation.
Despite these efforts, the Shiba Inu token is trading at an average price of $0.000022, down by over 7% in the last 24 hours. However, its 24-hour trading volume of $530.5 million has increased by more than 80%.
According to reports, the SHIB intends to merge ShibaSwap V2.0, Shibarium, and its metaverse in the future. Automatic burns will be activated by the new burning feature, to reduce token supply. About 100 trillion tokens are estimated to be issued every year.
But SHIB prices continue to fall
However, it appears that these events are hindering the dog theme meme coin’s ability to register in this market. The Shiba Inu’s Metaverse saw the end of the “Holder event” and a “Public Sale” was launched for users. The most recent bidding event allows every user to bid on the land starting at just 0.2 Ethereum. Meanwhile, Shiba Inu prices have dropped by more than 5% in the last 7 days.
The token appears to be tracking a broader decline in the crypto market, which has lost more than $40 billion in market capitalization over the past week.
The Shiba Inu has become the preferred token of the largest Ethereum whales. Many whales have been adding SHIB tokens in large quantities to their wallets. Shiba Inu is the only token that has made it to the list of top 10 tokens purchased by the largest wallets in the last 24 hours, 7 days, and 30 days, according to data.