More than 1 billion SHIB burned over 7 days
According to Shiba Inu Lead Developer Shytoshi Kusama, an apparent requirement for Shiba Inu mass burns is a “true community effort”. He says the project is working on this on many levels. He says it might take some time while hoping the timing works out perfectly.
According to the Shibburn website that tracks the burning of Shiba Inu tokens, 410,373,764,750,087 SHIB tokens have already been burnt from the initial supply of 1 quadrillion.
According to Shibburn Twitter handle, 76,275,825 SHIB tokens were burned and 16 transactions were performed in the last 24 hours. While that may seem like a lot, at this rate it could take nearly two weeks (14 days) to burn 1 billion coins and 40 years to destroy 1 trillion tokens.
The burn could intensify based on “true community efforts” as suggested by the SHIB lead developer. Despite this, the burning of SHIB is going at a steady rate, with over 1 billion SHIB burned in the last seven days.
Currently, Shiba Inu has a total supply of 589,626,233,367,020, with a circulating supply of 557 trillion SHIB tokens and a market capitalization of $6.2 billion.
All eyes are on Shiba Inu
All eyes are on Shiba Inu if it can replicate its astounding bull run of 2021. Shiba Inu rallied millions of percent to reach highs of $0.000088 in October 2021 as major cryptocurrency exchanges listed SHIB and its popularity surged. Shiba Inu is currently tradable on several well-known cryptocurrency exchanges, including Binance, Coinbase, Gemini and, most recently, Bitfinex.
After the cryptocurrency meme erased the zeros from its price, enthusiasts predict that the price of SHIB will hit $0.01. At press time, SHIB was trading at $0.000011 at press time, which is still quite a ways off $0.01. Since hitting all-time highs of $0.000088 in October last year at $0.88, Shiba Inu has lost nearly 87.19% of its value. Other cryptocurrencies also fell drastically.
