One of the most popular altcoins of recent times shiba inu it seems that it owes such a large follower group to the burning of tokens in such a short time. However, rumors that some SHIB tokens that were burned are returning to circulation are confusing.
Token burning As it is known, since it will reduce the circulating supply, it will positively affect the price of the relevant cryptocurrency. However, the re-release of burned tokens will reveal the opposite of what is expected. This is exactly why such rumors have made SHIB investors nervous.
Shibburn, on the other hand, sprinkled water in the hearts of investors with a statement on the subject. According to the statement, some users pulled their SHIBs from the staking program on the ShibaSwap platform and sent these coins back into circulation. This led to the assumption that the burned tokens were being recirculated.
In the statement made, it was underlined that this is not the case, but that this is a situation related to staking.
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, 2022
21.4 Million SHIB Burned
According to Shibbburn, a total of 19,156,573 coins were burned in the last 24 hours, and a further 2,234,567 Shiba Inu were destroyed in the next two hours.
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
So far, they’ve burned more than 800 million SHIBs during their “burn parties” live-streamed on YouTube. In the previous event on December 26, they destroyed 239.6 million coins.
The next SHIB burning party, which is expected to take place on February 14, is aimed at burning more than 47 million SHIB tokens. Cooper stated that they plan to burn $100,000 (3,409,943,656 SHIB) worth of coins next time.