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2.5 Billion SHIB Burned Since Dec. 1, 428 Million Gone This Week; Will Price Start Rising Soon?

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Wed, 01/19/2022 - 13:00
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Yuri Molchan
Almost three billion Shiba Inu tokens have been burnt since start of December
2.5 Billion SHIB Burned Since Dec. 1, 428 Million Gone This Week; Will Price Start Rising Soon?
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According to data provided by the @worldofao Twitter account, since Dec. 1, various members of the SHIB Army have removed two and a half billion SHIB tokens from circulation.

Almost half a million of that astounding amount was destroyed last week. Every time large amounts of SHIB are burned, the community expects the token to begin rising in price. Another huge factor that is expected to push the SHIB price up is its potential listing on Robinhood.

However, the popular trading app has not confirmed the listing rumors, and the exchange rate of SHIB is in the red at the moment, with the coin trading at $0.00002766.

SHIB Army burns 54.8 million SHIB daily on average

Bigger Entertainment, a crypto record label that burns SHIB on a regular basis during live burn parties on YouTube, has tweeted a shoutout to Twitter user @worldofao, who shared details of Shiba Inu tokens burned over the past one and a half months.

According to the data provided, since Dec. 1, an astounding 2,576,326,394 SHIB have been sent to a dead wallet. That is worth $71,441.

The average amount burnt daily by the community constitutes 54,815,455 tokens.

Related
Some SHIB Starts Going Back into Circulation, Here's Why

Half a billion SHIB gone last week

As for the past week, the same Twitter user claims that, from Jan. 10 to Jan. 16, a cumulative 428,987,664 tokens were sent to the crypto inferno.

On Jan. 15, a whopping 232,000,000 SHIB were destroyed by @317_key, a gaming company that uses part of its profits to buy Shiba Inu tokens and incinerate them.

As reported earlier, some SHIB tokens have begun to return to circulation as users are withdrawing their staked tokens from the ShibaSwap exchange.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.