Over 125 million SHIB has been burned in the last five days and over 5.5 million in the previous 24 hours.
Over 5.5 million SHIB tokens have been destroyed in the last 24 hours. Tokens are typically destroyed or “burned” to reduce the number in circulation. This is done to drive up the price. Initially, about 500 trillion tokens were sent to Ethereum co-founder Vitalik Buterin, while the other 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 a dud wallet address to prevent them from being spent again.
Is burning enough?
Yahoo Finance reported that a substantial token burn was set to start in mid-December 2021. On Dec. 26, 2021, 239 million SHIB tokens were burned at a party organized by Steven Cooper of Bigger Entertainment. The price of the meme coin rallied briefly. Combined burning of tokens uses lower gas fees than if each address burnt its tokens individually. Etherscan reports that 125 million SHIB tokens were burnt in the last five days. However, this has not moved the price much, according to Coingecko. The price was on a downward trend starting on Dec. 8, 2021, at approximately $0.00003898, and at the time of writing is sitting at $0.00003407.
There are now over 410 trillion coins that have been burned, which constitute about 41% of the total supply of SHIB. SHIB experienced a massive surge in price in October 2021, hitting an all-time high on Oct. 28, 2021, of $0.00008616.
Still a long way to go for SHIB to match DOGE
SHIB has a long way to go to match its predecessor, Dogecoin, which has over 132 billion tokens in circulation. On Aug.7, 2021, the ShibaSwap Developers announced a burn plan to reduce the $SHIB and $LEASH supply, to which SHIB investors responded on social media with excitement. The developers also announced a burn of $25000 in both $SHIB and $LEASH, which dovetailed with the launch of two trading pools on ShibaSwap PERL-ETH and RYO-ETH. The founder of SHIB, Ryoshi, hinted that the token burn is part of SHIB’s efforts to get into the metaverse.
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