Another 383.5 million Shiba Inu tokens burned; however, despite all these mass burns, the price continues to fall, approaching the lows of 2021.
In the last 24 hours, over 144.5 million SHIB tokens have been permanently removed from circulation, but these regular token burns still seem to have no effect on the token price. The Shiba Inu price is currently in free fall and is moving further and further away from its all-time high reached in October 2021.
144.5 million SHIB sent off to eternity!
From multiple transactions that moved the SHIB community large amounts of SHIB to a dead wallet, i.e. from coin burn* Notifying Twitter user @shibburn tweeted that a total of 134,519,822 tokens had been burned in the last 24 hours. This burn took place in a total of 17 transactions
In the tweet that followed, the user shared that several million more tokens have been burned, bringing the total number to 144.5 million.
More than 239 million SHIBs destroyed two days ago
Almost twice as many dog crypto tokens burned today also occurred two days ago. Steven Cooper, an entrepreneur who organized and supported SHIB burns, congratulated the team behind Travis Johnson’s SHIB burning games, the team that carried out the burning, in his tweet on January 15. The Twitter account of this gaming company shows that they have burned more than 358 million SHIB so far.
According to Cooper’s tweet, two days ago, these guys sent over 239 million SHIBs to a dead wallet so no one can withdraw or spend those coins. So these tokens will be out of circulation.
Huge shoutout to @317_key for another 239+ Milliom #shib burned That’s huge and from his game catalog. You can trust this one. When he says he’s going to burn, he burns! Be sure to give him a follow and support his games. 😊 #shibarmy
— Steven Cooper (@iamstevencooper) January 15, 2022
Steven Cooper is the owner of Bigger Entertainment, a crypto music company that also hosts regular SHIB burns. The last SHIB burning party held by the company live on YouTube took place on December 26, with 239,600,144 SHIB tokens destroyed that day.
It turns out that the next burning party will take place on February 14, Valentine’s Day, and so far the team has $1200 worth of SHIB in its “burning pot”.
On December 30, Cooper announced that his team now plans to burn $100,000 worth of SHIB (3,409,943,656) tokens.
Recent SHIB price action
The second largest dog cryptocurrency, the Shiba Inu, has lost nearly 10 percent since it peaked at $0.00003146 on January 15. At the time of writing, the token is trading at $0.000002876.
Last week, SHIB rallied around 20 percent amid rumors that the Robinhood app will soon list the meme cryptocurrency. However, the price action was not permanent after the company’s senior manager did not approve of this rumor. Although the company’s chief financial officer, Jason Warnick, did not deny the allegations, Robinhood said that it keeps listing options open and takes into account the wishes of its customers.
*Coin burnIt is a method used to keep the market value of crypto assets high and try to stabilize inflation. In theory, when most of a coin’s supply is removed, there is an increase in demand for that coin and the price skyrockets as a result.