In the previous 24 hours, about 5.5 million SHIB tokens have been destroyed. To minimize the quantity of tokens in circulation, they are frequently destroyed or “burned”. This is done in order to inflate the price. Around 500 trillion tokens were delivered to Vitalik Buterin, co-founder of Ethereum, while the remaining 500 trillion were locked in UniSwap.
As a result, there were a large number of tokens in circulation, resulting in minor price rises. To prevent coins from being spent again, engraving requires sending them to a failed wallet address.
A large token burn is set to commence in mid-December 2021, according to Yahoo Finance. At a party thrown by Steven Cooper of Bigger Entertainment on December 26, 2021, 239 million SHIB tokens were destroyed. The coin’s value increased for a brief while. Combined token burning consumes less gas than burning each address’s tokens separately.
In the last five days, 125 million SHIB tokens have been burned, according to Etherscan. However, according to Coingecko, this had little impact on the price. As of December 8, 2021, the price was downtrending at roughly $ 0.00003898, and it was at $ 0.00003407 at the time of writing this article.
Over 410 trillion coins have already been burnt, accounting for around 41% of SHIB’s entire supply. SHIB saw a huge price gain in October 2021, reaching an all-time high of $ 0.00008616 on October 28, 2021.
SHIB still has a long way to go to catch up to Dogecoin, which now has over 132 billion tokens in circulation. ShibaSwap announced a burn plan to restrict the supply of $ SHIB and $ LEASH on August 7, 2021, to which SHIB investors have reacted positively on social media. The creators also announced a $ 25,000 donation in $ SHIB and $ LEASH, which corresponds to the creation of two new ShibaSwap exchange pools, PERL-ETH and RYO-ETH. SHIB founder Ryoshi has suggested that token burning is a part of the company’s metaverse activities.
The general population has lately accepted SHIBA INU. Flexa’s payment network just integrated SHIB for usage in retail purchases. It was also recently listed on Kraken and Gemini.