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7.1 Million SHIB Burned Over 24 Hours, While 140 Million Destroyed in Past Week

News
Tue, 01/11/2022 - 09:53
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Yuri Molchan
SHIB community keeps burning its meme tokens, destroying another 140 million over the past week
7.1 Million SHIB Burned Over 24 Hours, While 140 Million Destroyed in Past Week
Cover image via stock.adobe.com

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According to data provided by etherscan and posted by Twitter user @shibburn on his page, in the past 24 hours, over 7.1 million Shiba Inu tokens have been demolished and permanently taken out of circulation.

However, the amount of SHIB burned in the past incomplete week is 20 times bigger.

Shib army keeps burning its meme coins

Data provided by etherscan shows that over the past 24 hours, in the course of four transactions, an overall amount of 7,108,679 tokens have been moved. The transactions carried 2,218,114; 1,124,780, 1,132,023 and 3,553,793 to the null address. This amount of crypto is worth $192.

Thus far, 410.3 trillion SHIB have been incinerated from the one quadrillion of the initial supply.

140 million SHIB gone for good in six days

A deeper look at the data published open access by the etherscan team shows that 138.9 million Shiba Inu have been removed from circulation by burning as well in the past six days and three hours.

The largest transfer carried 103,270,223 (three days ago) and 10,716,185 (six days ago).

shibubrn6days
Image via etherscan

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SHIB pushed back to 14th place, down 22%

Despite the constant burns of substantial amounts of SHIB and the fact that 41% of the initial quadrillion supply has been locked in an unspendable address already, the second-most popular meme cryptocurrency has by now fully retraced its October rally.

Since Jan. 2, SHIB has lost 21.34% of its value, dropping from $0.00003422 to the $0.00002642 level. By now, the token is changing hands at a slightly higher price - $0.00002693 - on the Binance exchange.

The meme cryptocurrency promoted as the "Dogecoin killer" has now been moved from 12th place on CoinMarketCap to 14th. Its market capitalization now totals $14,755,840,488.

Polygon's MATIC now holds the 13th spot and Dogecoin sits in 12th place.

shib14topcmc
Image via CoinMarketCap
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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.