Shiba Inu stumbles nearly 30% as community continues to burn SHIB tokens
Twitter account @shibburn has spread the word that in the past twenty-four hours another large amount of Shiba Inu tokens has been removed from circulation by “burning” – 75,828,000 tokens.
Despite the impressive amount in crypto, it is worth much less in USD – just $1,448. The burn (transfer to an unusable wallet) was completed in thirteen transactions.
The initial supply of Shiba Inu has been a staggering one quadrillion. Now, 41.03014 percent of it has been burnt.
Later, the same Twitter account reported that another million SHIBs were sent to the dead wallet.
That does not help the coin’s price to recapture and surpass its October all-time high of $0.00008845, though.
At press time, the token is down almost thirty percent, trading at $0.00001958 (after showing a slight increase from the screenshot price). The coin also returned to 16 place on CoinMarketCap.
Overall, as covered by U.Today previously, since December 1, more than 2.5 billion Shiba Inu has been destroyed with over 428 million SHIB burned over the weekend. By the way, according to a prominent SHIB community member, Steven Cooper, whose business takes an active part in burning SHIB during regular burn parties, Shiba Inu developers are working on new ways to put these meme coins out of circulation.
On January 20, the total number of SHIB holders hit a new high, reaching 1,150,173.