Here's how much $SHIB has been burned in 2023 already ShibaInu shibburn
. While daily burns of this popular meme token have been pretty low since the fall of last year, during the first two days of 2023 they were comparable to the big burns in 2022.
Here's how much SHIB has been destroyed so far over the last two days with the burn rate jumping high.The so-called"burning" of crypto, in fact, means a permanent extraction of coins from the circulating supply. By reducing the amount of tokens that circulate in the market, communities try to make their beloved coins more scarce. This gives them a shade of a chance that the price of the asset they burn will spike in the future.
Burning is especially popular with meme coins — Shiba Inu, BabyDoge in particular, Floki Inu has also announced the start of upcoming massive burns via their recently launched NFT metaverse game Valhalla. The Binance exchange also regularly reduces their supply of BNB by burning those tokens, i.e., sending them to wallets from which any withdrawals are impossible. They are known as"dead" or"unspendable" wallets.
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