More than 5 million SHIBs have been burned recently, but that’s nowhere near enough to drive up the price of the coin significantly, according to some members of the SHIB community.
Over the past 24 hours, more than 5.5 million Shiba Inu meme tokens have been burned. However, the constant daily SHIB burns did not contribute to yesterday’s SHIB price surge.
This is how many SHIBs need to be taken out of circulation for the coin’s exchange rate to skyrocket, according to the SHIB Army.
Here’s how many burned tokens may push SHIB price up
As per the tweet posted by the @shibburn user, in the past 24 hours, a total of 5,648,676 Shiba Inu token were destroyed by being sent to an unspendable wallet.
The author of the message reminds us that, so far, just over 41% of the initial quadrillion supply has been destroyed: 410,300,769,264,733 SHIB.
However, in the comment thread, several users posted sarcastic statements about these tiny amounts of the token getting burned. One of them believes that in order to see any substantial Shiba Inu price action, at least 61-71% of the total supply needs to be destroyed.
Robinhood Announces Rumors Raising SHIB by 20%
On December 12, after several Twitter accounts posted a rumor that Shiba Inu would finally be added by the Robinhood trading platform in February, the price of SHIB posted an 8% surge, which later expanded to almost 20%, reaching $0.00003240.
SHIB also recaptured its former 13th position on CoinMarketCap from Polygon’s MATIC token. At press time, the canine meme crypto is changing hands at $0.00003165, having lost some of yesterday’s gains.
ETH Whale #3 Buys 59 Billion SHIB
Earlier, U.Today covered that the third ETH whale, which goes by the name of “Light,” bought a mind-boggling 58,900,000,000 SHIB worth $1,906,592.
Overall, SHIB is again holding the largest USD value position among the wallets of the top 1,000 Ethereum whales.
