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9.7 Million SHIB Burned in Last 24 hours with 41% of Total Supply Destroyed Already: Details

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Tue, 01/04/2022 - 09:00
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Yuri Molchan
A close to 10 million Shiba Inu coins was burned in the past 24 hours, making it slightly over 41 percent of the total supply burned already
9.7 Million SHIB Burned in Last 24 hours with 41% of Total Supply Destroyed Already: Details
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According to the recent tweet of the @shibburn Twitter account, over the past day, almost 10 million SHIB has been burned, i.e. taken out of circulation permanently.

A total of 30 million burned, but the price is not impacted

In the last twenty-four hours, an overall amount of 9,758,993 SHIB has been sent to an unspendable wallet, @shibburn Twitter user reports. According to their tweet, it took six transfers to a dead wallet to “burn” that large amount of the canine cryptocurrency.

Meanwhile, data provided by etherscan indicates that in the past five days’ various teams within the SHIB community have burned approximately 30 million Shiba Inu tokens.

@shibburn’s tweet reminds the community that by now slightly over forty-one percent of the overall SHIB supply (1 quadrillion) has been burned - 410,300,575,781,510 tokens.

Despite regular and even daily SHIB burns, the price of the second largest canine cryptocurrency remains in the $0.000033 range. On October 28, the “Dogecoin killer” SHIB managed to hit a historic peak of $0.00008845 per token. At the moment, the price is 62.68 percent below that all-time high level.

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3 billion SHIB to be burned 

Bigger Entertainment Twitter account has stated that they are planning to destroy 3,025,718,608 SHIB tokens – that is $100,000 worth of this meme crypto. They have already managed to sell 444 postcards of a limited edition to raise SHIB for the upcoming burn.

This online store sells NFTs, tickets to events and merch for crypto. They have been burning SHIB during its regular “burn parties” since October 2020 and have already destroyed over 800 million tokens. The most recent burn party took place on December 26.

This year, their founder Steven Cooper tweeted, these “burn parties” will be conducted on a monthly basis.

Hopes for Robinhood listing

As reported by U.Today at the end of December, the popular Robinhood trading app announced that it plans to roll out the beta testing phase of its crypto wallets in January.

The Shiba Inu community has been requesting the platform to list SHIB for several months already. The petition started on Change.org for that purpose has already left behind the half a million threshold of signatures. The community hopes that when/if Robinhood adds SHIB to its trading list, the price of the coin would reach a new significant all-time high.

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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.