208.53 Million SHIB Burned within 24+ Hours, 161 Million Gone in One Transfer

Major SHIB burner @shibburn has tweeted that within about 24 hours, a total of 208.5 million Shiba Inu meme tokens have been incinerated, i.e., removed from the circulating supply of SHIB.

208.5 million SHIB locked up

The process of "burning crypto" means moving digital tokens to dead-end wallets, where they will remain forever and nobody will be able to withdraw them or otherwise spend those funds.

This is done in order to reduce the circulating supply, which in theory can push the coin's price up as the asset becomes more scarce in the market.