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In the quest to support the revival of Terra (LUNA), the community voted to burn a large amount of UST from its community pool. Earlier in May, the Terra founder Do Kwon explained that a potential solution to the Terra debacle is to absorb the stablecoin supply.
As reported by burn tracking platform Shibburn, over the past 24 hours, a staggering sum of Shiba Inu has been locked up in unspendable wallets by various members of the global SHIB army.
Shiba Inu rose from lows of $0.0000113 on May 21, having reached significant support at this key level, to reach highs of $0.0001296 today, thus setting up to mark the third consecutive day in the green
As stated by SHIB burn tracker, more than 22 billion canine tokens have been taken out of circulation over the past week. Besides, more than the half a billion Shiba were burnt within the last 24 hours.
