Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Over the past 24 hours, more than 5.5 million Shiba Inu meme tokens have been burned. However, the constant daily SHIB burns did not contribute to yesterday's SHIB price surge.
This is how much more SHIB needs to be taken out of circulation to let the coin's exchange rate skyrocket, according to the SHIB army.
Here's how many burned tokens may push SHIB price up
As per the tweet posted by the @shibburn user, in the past 24 hours, a total of 5,648,676 Shiba Inu token were destroyed by being sent to an unspendable wallet.
The author of the post reminds us that, so far, slightly over 41% of the initial quadrillion supply has been destroyed: 410,300,769,264,733 SHIB.
In the past 24 hours, there have been a total of 5,648,676 $SHIB tokens burned and 3 transactions. So far, a total of 410,300,769,264,733 #SHIB tokens (41.03008%) have been burned from the initial supply of 1 quadrillion. #shibarmy
— Shibburn (@shibburn) January 13, 2022
However, in the comment thread, several users posted sarcastic statements about these tiny amounts of the token getting burned. One of them believes that in order to see any substantial Shiba Inu price action, at least 61-71% of the total supply needs to be destroyed.
True that....... Only after 61-71% burn we can see some substantial price fluctuations.......
— hironmoy bhattacharyya (@hironmoy111) January 13, 2022
Robinhood listing rumors pushing SHIB 20% up
On Dec. 12, after several Twitter accounts posted a rumor that Shiba Inu would finally be added by the Robinhood trading platform in February, the SHIB price demonstrated an 8% surge, which then extended to almost 20%, hitting $0.00003240.
SHIB also recaptured its former 13th position on CoinMarketCap from Polygon's MATIC token. At press time, the canine meme crypto is changing hands at $0.00003165, having lost some of yesterday's gains.
#3 ETH whale buys 59 billion SHIB
Earlier, U.Today covered that the third ETH whale, who goes by the name "Light," had purchased a mind-blowing 58,900,000,000 SHIB worth $1,906,592.
Overall, SHIB is again holding the largest USD value position among the wallets of the top 1,000 Ethereum whales.
Vladislav Sopov