Shiba Inu (SHIB): over 10 million tokens burned in one day
The Shiba Inu project has accelerated the burning process. According to the resource ShibBurn, which tracks SHIB burning, in the last 24 hours, over 10 million wedges have been sent to the “dead wallet.” In just one month, nearly 2 billion tokens have been destroyed in this way.
Massive burning of SHIB: why is it necessary?
By burning coins, developers take them out of circulation and make the remaining one more valuable. Thus, an artificial deficit is created, which helps protect currencies from depreciation and rewards long-term holders.
Immediately after the issuance, the developers of Shiba Inu sent about 500 trillion tokens to Ethereum’s creator, Vitalik Buterin. Another 500 trillion tokens were locked into the UniSwap protocol. However, there are still a lot of tokens in circulation, which is why the price reacts weakly to the burning, although the project has already destroyed more than 41% of the entire issue.
The Shiba Inu project began mass burning of tokens in mid-December 2021. At a party hosted by Stephen Cooper of Bigger Entertainment on December 26, 2021, the developers burned 239 million SHIB tokens. The cost of the meme token has increased, but in the short term.
According to Etherscan, about 2 trillion SHIBs have been burned in the last 30 days. However, the token has been on a downward trend since October 28, 2021, the day it hit an all-time high of $0.000 086 16. At the time of writing, the token can be purchased for $0.000,009,97. In one day, the currency fell by 0.3%, and in one week by 12%.
Shiba Inu is still far from DOGE
Shiba Inu has a long way to go to catch up to its predecessor Dogecoin, which has more than 132 billion tokens in circulation. SHIB’s founder, one Ryoshi, has hinted that burning tokens is part of the plan to create the metaverse.
Analysts believe that the creation of the metaverse will increase the possibilities of using Shiba Inu and will also contribute to the price increase.
Recall that on December 29, the Shiba Inu team held an event in which they talked about their plans for 2022. For this purpose, a special audio room was created on Twitter. At the event, the team announced the creation of the BONE token, which will be used as the main management token of Shibarium. This long-awaited project is necessary to reduce gas charges in the Ethereum network.
Shiba inu in 2022
The Shiba Inu is a crypto that has been in the news throughout 2021. At the beginning of 2022, it is still taking over the heart of the news. It must be acknowledged that SHIB is a futuristic crypto based on a very successful future project. Today, many investors have bet on the said crypto which we recommend.
How much is the SHIB crypto traded for today?
Today, to buy one Shiba Inu token, you need an average of 0.00002982 euro. Yesterday, this token was traded at 0.00003001 euro. Comparing these two values, we can see that the price of SHIB has recorded a decrease of 0.20%.
What does today’s news say about the Shiba Inu crypto (SHIB)?
CoinMarketCap makes it clear that the crypto SHIB has recorded a negative balance in the last 24 hours. Following the statistical data of the said crypto, we can see that the current price, market capitalization and trading volume of the Shiba Inu crypto have declined. From yesterday to today, the market capitalization of SHIB has fallen by 0.43% and is valued on this day at 17,584,179,220.91 euros. As for its trading volume on the various crypto trading platforms, it has declined by 33.17% and is valued at 489,589,523.14 euros.
Buy Shiba Inu: should you invest in SHIB right now?
Buying or selling a crypto-currency has always been an individual and personal decision. But for now, we recommend anyone who wants to invest in SHIB to take action at this time before the price of said crypto climbs again.
Related to this article: Which crypto currency to buy right now? Here is the best crypto to invest in now (Opinion)
What would be the price of Shiba Inu in the short/medium/long term?
SHIB is a futuristic crypto that could explode in the coming days to the point of being sold at 0.0001 euro in this year 2022. By the year 2030, the price of the said crypto could rise to 0.01 euro.
