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SHIB Plunges 27%; Burning Another 75.8 Million Tokens Doesn’t Help Price Hold

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Sat, 01/22/2022 - 10:07
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Yuri Molchan
Shiba Inu stumbles by almost 30 percent, while the community continues to burn SHIB tokens
SHIB Plunges 27%; Burning Another 75.8 Million Tokens Doesn’t Help Price Hold
Cover image via stock.adobe.com

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Twitter account @shibburn has spread the word that in the past twenty-four hours another large amount of Shiba Inu tokens has been removed from circulation by “burning” – 75,828,000 tokens.

Despite the impressive amount in crypto, it is worth much less in the USD – only $1,448. The burn (transfer to an unspendable wallet) was performed in thirteen transactions.

The initial supply of Shiba Inu has been a staggering one quadrillion. Now, 41.03014 percent of it has been burnt.

Later on, the same Twitter account reported, another million SHIB was sent to the dead wallet.

That does not help the coin’s price to recapture and surpass its October all-time high of $0.00008845, though.

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At press-time, the token is down by nearly thirty percent, trading at $0.00001958 (having shown a tiny rise from the price in the screenshot). The coin has also rolled back to spot 16 on CoinMarketCap.

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Image via CoinMarketCap

Overall, as covered by U.Today previously, since December 1, more than 2.5 billion Shiba Inu has been destroyed with over 428 million SHIB burned over the weekend. By the way, according to a prominent SHIB community member, Steven Cooper, whose business takes an active part in burning SHIB during regular burn parties, Shiba Inu developers are working on new ways to put these meme coins out of circulation.

On January 20, the overall amount of SHIB holders hit a new record, reaching 1,150,173.

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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.