411 Trillion Shiba Inu Tokens Have Been Burned Price Remains The Same
Shiba Inu tokens are frequently burned by the community, but the meme crypto-currency hasn’t managed to reverse its rejecting price trend.
According to an update from Shibburn, an account that tracks all Shiba Inu token burning, more than 411 trillion SHIB tokens have been burned recently.
In the past 24 hours, there have been a total of 9,758,993 $SHIB tokens burned and 6 transactions. So far, a total of 410,300,575,781,510 #SHIB tokens (41.03006%) have been burned from the initial supply of 1 quadrillion.
This amounts to 41% of the initial supply of 1 quadrillion SHIB tokens. However, with 549 trillion SHIB still in circulation, community-led efforts to burn tokens seem to have had little to no effect on the price.
It’s Dogecoin (CRYPTO: DOGE) rival is down by more than 60% from its all-time high of $0.00008845 in October 2021. Still, its community continues to contribute to SHIB burn events in the hopes that by reducing existing coins from circulation, its price will eventually go higher.
In December 2021, Bigger Entertainment Inc. organized a SHIB Burn Christmas Party that set out to burn 176 million SHIB in a live-streamed event.
Weekly #shib Burn Wrap Up (12/20 – 12/26):
Total in week Burn: 1,140,746,704! (+109% WoW)
Since 12/1 #SHIBARMY :
Total Coins Burned: 1,943,391,652
Total Supply Burned: -.0003295%
Median Daily Burn: 13,741,174
The week saw 1.14 billion SHIB tokens burned, massively due to Bigger Entertainment’s Spotify Technology SA (NYSE:SPOT) playlist that burns SHIB with every stream.
Despite the continued efforts to burn tokens and the large whale purchases of SHIB tokens, the cryptocurrency’s price continues to stagnate at around $0.00003308.
SHIB recently lost 15.3% in the last week but is still up by a whopping 34,988,291% over the course of one year.