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Here's How Much More SHIB Must Be Burned for Price to Soar: Shib Community

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Thu, 01/13/2022 - 12:04
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Yuri Molchan
Over 5 million SHIB have been burned just recently, but that is far from enough to make the coin's price rise substantially, according to some in the SHIB community
Here's How Much More SHIB Must Be Burned for Price to Soar: Shib Community
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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.

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.

Related
Shiba Inu Whale Just Bought 58.9 Billion SHIB Amid 20% Rally

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.

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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.