As per Shibburn Twitter, although many SHIB burns are happening, it still remains far from making a real impact on Shiba Inu's price. At the time of publication, Shiba Inu was trading at $0.000022, down 2.11% in the last 24 hours as per CoinMarketCap. Due to its underwhelming price performance in recent months, SHIB remains down 75% from all-time highs of $0.000088 reached in October 2021.
It’s great to see that many are getting involved and exploring ways to burn the $SHIB supply. Although many burns are happening, it is still far from making a real impact towards the price. There are many more factors that contribute to price movement.— Shibburn (@shibburn) March 13, 2022
In a thread of tweets, Shibburn states several factors that might boost the SHIB price, even to the much-coveted $0.01. Though this might seem like a distant dream, given the current market conditions, the SHIB burning business believes that doing more for the SHIB community - such as hodling and staking - might aid the Shiba Inu price aside from burning.
Shib burning progresses
In the past 24 hours, there have been a total of 10,774,126 SHIB tokens burned in eight different transactions. Several transactions involving millions of SHIB being burned were reported subsequently, leading to more than 700 million SHIB being burned over 24 hours.
According to the Shibburn website, the Shiba Inu burn rate is up a whopping 5,926.8% over the last 24 hours at 739,234, 434 SHIB tokens burned in the last 24 hours.
Sharing the details of the progress that has been made in burning tokens, Shibburn reports that ''61.8 billion SHIB have been burnt without including Vitalik’s burn. More than 25.5 billion SHIB tokens were burnt due to ShibaSwap listings and Shiboshi's renaming fee. The first Shiba Inu transaction that was sent to the dead wallet in 2020 was for 26.9 billion tokens."
So far, an overall value of 410,304,552,937,451 SHIB has been burned from the initial supply of 1 quadrillion.
Shibburn also reported a massive token burn in August and September 2021, stating, ''Over 7.2 billion tokens burnt in August and over 6.9 billion SHIB tokens burnt in Sept 2021. It was made clear that the Shiboshi and ShibaSwap listing fees were limited burn mechanisms."
Along with the massive SHIB burn, massive accumulation is also being undertaken by whales. According to a recent tweet published by WhaleStats, a mysterious ETH whale has purchased 49,651,432,412 SHIB tokens, valued at $1,094,317.