Almost 900 Million SHIB Tokens Burned on October 24

Almost 900 million SHIB tokens were burned on October 24. With this unique burning mechanism, Shiba Inu token, the "Dogecoin Killer" is on the rise with over 20% daily growth.

An expert cryptocurrency tracker Watcher.Guru saw the event first and tweeted about it on October 24. According to Watcher.Guru, around 900 million SHIB tokens have been burned.

With the 1% of the circulation supply being burned daily, Shiba Inu's price is reacting with growth and climbing up by 16% in addition to remarkably positive market sentiment.

In addition, SHIB burning mechanism is very different from the ones being implemented in Ethereum or any other ERC-20 token. To get listed on ShibaSwap, each trading pair or pool has to buy and burn some amount of SHIB tokens and LEASH tokens, another Shiba Inu developer team token.

Despite having low burn rates compared to the market cap of the crypto, a huge amount of SHIB tokens has already been burned thanks to Ethereum founder, Vitalik Buterin.

This year, 50% of Shiba Inu's total supply had been sent to Vitalik. Vitalik then burned 90% of the supply and donated 10% to a foundation in India combatting the pandemic at that time.

According to CoinMarketCap, SHIB is trading at $0.00003942 with a 9% growth over the last 24 hours.