Over 8.7 million Shiba Inu tokens destroyed in major burn event
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Overall, 410 trillion tokens have been taken out of the initial circulation supply of the meme coin. As of writing time, 583 trillion tokens remain in the circulation supply of SHIB. Today’s burning event is a crucial development, as it came at a time when the Shiba Inu price required a significant boost.Shiba Inu Lending Campaign Announced by Japanese Financial Giantinto its price movements. For SHIB, the community has remained determined to continuously reduce its supply.
This major price crash is a direct result of a recent hack, where India's largest crypto exchange, WazirX, was earlier today. More than $230 million of user assets were exploited in this attack. Around $102 million of it are in Shiba Inu. As a result, the Shiba Inu price crashed severely. It remains to be seen how the coin will recover from this point.
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