Cryptocurrency market is offsetting the effects of UST and LUNA collapse. Meanwhile, 2 altcoin projects in the top 20 by market cap burned significant amounts of tokens.
Huge burn news from these 2 altcoin projects
Shibburn.com recently reported that 12 transactions had been made in the last 24 hours in which a new burn event destroyed 607,530,847 (607.53 million) SHIBs. .
Burn rate only 182.180,686 (182.18 million) in 14 separate processes ) increased 307.56% in the last day that SHIB was taken out of circulation forever.
SHIB Burn Portal is a platform that orchestrates Shiba’s token burn operations and provides on-chain data (officially launched on April 23, 2022). Since the launch of Burn Portal on ShibaSwap, 27.28 billion SHIB have been removed from circulation forever in almost a thousand separate transactions.
According to data from Etherscan.io, an anonymous wallet sent 468,559,352 (468.55 million) SHIB worth $6,231 to the dead wallet.
But despite regular burns, data provided by CoinMarketCap shows that the price of the Shiba Inu has dropped 38.71% over the past week. At the time of writing, the Shiba Inu is trading at $0.00001299, up 19.99% in the last 24 hours, with a 24-hour trading volume of 1.44 billion. This sharp increase in price came after the Bahrain-based Rain exchange announced that Shiba Inu is available for trade to 200,000 users, as we covered in the news of Kriptokoin.com. Another altcoin that stood out with the token burn news was Polygon (MATIC).
More than 750,000 MATICs have been burned since initiation of the burner
According to Stader Polygon, over 750,000 MATICs have been burned in the last three months. As seen on the Polygonburn website, a total of 1.6 million MATICs have been transferred from circulation to dead wallets so far.
Thanks to the EIP-1559 upgrade released on the Polygon network in January, Polygon’s The native cryptocurrency MATIC burning is enabled. Tokens are burned and deducted from the total supply, similar to a withdrawal on Polygon.
At the time of writing, MATIC price is down 377 percent week on week to trade at $0.6519. It had previously visited these levels in June 2021.
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