Despite the regular Shiba Inu “token burn” campaigns on the 15th of each month, no signs of rising in the meme token price were observed. It is forgotten that the million-dollar token burns that made the headlines were only a few thousand dollars. In this regard, the Shibburn Twitter account, which shared the amount of SHIB transferred to the dead wallet, made an important statement.
These factors could push the Shiba Inu price to $0.01
According to Shibburn, although many SHIBs were burned, they did not seem to have any effect on the price of the Shiba Inu. We will talk about why “Token Burn” campaigns do not affect the price of SHIB in a moment. You can start with the following explanation by Shibburn.
In a series of tweets, Shibburn has put the SHIB price at the much-desired 0, He cites a few factors that could raise even $11. While this may seem like a distant dream given the current market conditions, the “SHIB token burn” is believed to do more for the Shiba community – like hodl and staking – could help the Shiba Inu price as well as burn.
Shiba Inu burning operations
In the last 24 hours, a total of 10,774,126 SHIB tokens were burned in eight different transactions. Several transactions involving the burning of millions of SHIBs were subsequently reported, resulting in the burning of more than 700 million SHIBs within 24 hours. According to the Shibburn website, the Shiba Inu burn rate has increased by a massive 5,926.8% over this time period, with 739,234,434 SHIBs burned in the last 24 hours.
Sharing the details of the progress made in token burning, Shibburn reports that “With the first burning of Vitalik Buterin, 61.8 billion SHIB were removed from circulation. More than 25.5 billion SHIBs were burned due to ShibaSwap listings and Shiboshi’s renaming fee. The first Shiba Inu transaction sent to a dead wallet in 2020 was 26.9 billion tokens.
So far, 410,304,552,937,451 SHIBs have been burned out of a total supply of 1 quadrillion
Shibburn also reports a major token burn in August and September 2021, adding, “Over 7.2 billion tokens in August and 6.9 billion SHIB tokens were burned in September 2021. It has been clearly stated that Shiboshi and ShibaSwap listing fees are limited incineration mechanisms.” Along with the large SHIB burns, a large accumulation is also carried out by the whales. Meanwhile, according to a recent tweet by WhaleStats, a mysterious ETH whale bought 49,651,432,412 SHIB worth $1,094,317.
WhaleStats recently bought 49.65 billion Shiba Inu of a large Ethereum whale. reported that he received it. As we quoted as Kriptokoin.com, whales have been buying SHIB in large mailings lately.
57520
