Some SHIB Starts Going Back into Circulation, Here's Why
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.
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.
If you're freaking out about circulating supply on the site increasing, it's because some people are taking out from what they staked in ShibaSwap, so it goes back into circulation. This number can go up or down, if more people stake then circulating supply goes down again.
— Shibburn (@shibburn) January 19, 2022Advertisement
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.
In the past 24 hours, there have been a total of 19,156,573 $SHIB tokens burned and 8 transactions. So far, a total of 410,301,254,039,570 #SHIB tokens (41.03013%) have been burned from the initial supply of 1 quadrillion. #shibarmy
— Shibburn (@shibburn) January 19, 2022
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.
Alex DovbnyaSHIB 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.
Related articles
Tomiwabold Olajide
Arman Shirinyan
Vladislav Sopov
Dan Burgin