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Some SHIB Starts Going Back into Circulation, Here's Why

Wed, 01/19/2022 - 09:23
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Yuri Molchan
SHIB circulating supply on recently opened SHIB burn website is increasing as more coins are going back into circulation, here's the reason
Some SHIB Starts Going Back into Circulation, Here's Why
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The initial SHIB circulating supply has been gradually declining thanks to regular tokens burns. However, Twitter user @shibburn has reported that the recently created Shiba Inu burn website shows the supply is increasing again as more coins are flowing in.

People taking out their staked SHIB

The aforementioned Twitter account, whose team has recently launched a website that duplicates data from etherscan related to Shiba Inu burn transactions, has tweeted that the SHIB supply on this website might be increasing of late.

Shibburn explains this by saying that some users are withdrawing their SHIB from the staking program on the ShibaSwap platform, sending these coins back into circulation. However, the amount of circulating SHIB meme tokens can jump up and down, depending on whether users are withdrawing their meme crypto from ShibaSwap or, on the contrary, are staking tokens on it.

Recently, the Spanish language has also been added to the SHIB burn website mentioned above.

21.4 million SHIB incinerated

According to the same website, in the past 26 hours, a total of 21,391,140 SHIB has been removed from the overall circulating amount of Shiba Inu.

A total of 19,156,573 coins were burnt over the past 24 hours, and then another 2,234,567 Shiba Inu were destroyed in the two hours after that.

One of the business teams burning SHIB on a regular basis is Bigger Entertainment led by Steven Cooper. They have been destroying these meme tokens (sending them to an unspendable wallet) since late October 2021.

So far, they have burned over 800 million SHIB during their "burn parties" that are broadcast live on YouTube. During the previous event on Dec. 26, they destroyed 239.6 million tokens. The next party will take place on Feb. 14, and the burning pot for it so far contains more than 47 million SHIB.

In one of his recent tweets, Cooper stated that they plan to burn $100,000 worth of tokens next time. That is the fiat equivalent of 3,409,943,656 SHIB.

Related
Shiba Inu Devs Start Cooperating with CoinMarketCap

SHIB community grows, top ETH whales keep joining it

As reported by U.Today, on Jan. 18, the total number of Shiba Inu holders reached a new record of a staggering 1,145,212 users. That is 5,000 users more than the number announced by WhaleStats four days prior to that.

According to info shared by this analytics platform, the top 1,000 ETH whales are now holding 51,660,947,525,321 SHIB. That is worth $1,481,475,410.

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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.