Over 125 million SHIBs have been burned in the last five days and over 5.5 million in the last 24 hours.
Over 5.5 million SHIB tokens Stayed Destroyed in last 24 hours. Tokens are usually destroyed or “burned” to reduce the number in circulation. This is done to increase the price. Initially, around 500 trillion tokens were sent to Ethereum co-founder Vitalik Buterin, while another 500 trillion were locked in UniSwap.
This meant that there were many tokens in circulation, resulting in negligible price increases. Burning involves sending coins to an unusable wallet address to avoid being spent again.
Burning enough?
Yahoo Finance reported that a significant token burn was about to begin in mid-December 2021. On December 26, 2021, 239 million SHIB tokens were burned at a party hosted by Steven Cooper of Bigger Entertainment. The price of the meme coin has skyrocketed for some time. If each address burned its tokens individually, burning the tokens would use up less gas charges. Etherscan reports that 125 million SHIB tokens were burned in the past five days. However, according to Coingecko, the price has not changed much. The price was on a downside since December 8, 2021 starting around $0.000003898, and is sitting at $0.00003407 at the time of writing.
Now over 410 trillion coins have been burned, which is about 41% of SHIB’s total supply. SHIB experienced a huge price jump in October 2021, reaching an all-time high of $0.00008616 on October 28, 2021.
SHIB still has a long way to go to match DOGE
SHIB has a long way to go to match its predecessor, Dogecoin, which has over 132 billion coins in circulation. On August 7, 2021, ShibaSwap Developers announced A burn plan to reduce $SHIB and $LEASH supplies, which SHIB investors responded with enthusiasm on social media. The developers also announced a burn of $25000 in both $SHIB and $LEASH, which coincides with the launch of two trading pools on ShibaSwap PERL-ETH and RYO-ETH. SHIB’s founder, Ryoshi, indicated that Token Burn is part of SHIB’s efforts to get into the metaverse.
The Shiba Inu has been adopting the mainstream recently. SHIB was recently added to Flexa’s payment network for use in retail purchases. Kraken and Gemini also recently listed it.
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