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According to the Shibburn Twitter account, more than 1,214,431,010 SHIB tokens have been burned in the last sevendays in over 121 transactions. This represents more than a 100% increase from the amount burned in the past week.
In the last 7 days, there have been a total of 1,214,431,010 $SHIB tokens burned and 121 transactions. #shibarmy
— Shibburn (@shibburn) August 28, 2022
As reported by U.Today, 542 million SHIB, or more than half a billion, were sent to dead wallets in the previous week, adding up to the billions of SHIB burned since the beginning of August.
Recent hours have seen several transactions carrying SHIB being burned, resulting in a slight increase in the burn rate, which was down previously. At the time of publication, the SHIB burn rate was up 5.73%, per the Shibburn website.
Within the last 24 hours, over 215,346,231 SHIB tokens were burned in 11 transactions. In the last hour, exactly 1 million SHIB tokens were sent to dead wallets in a single transaction.
The SHIB community still finds Shiba Inu burning to be a favorite topic, and they want to see burns reach trillions. As reported by U.Today, ShibaSwap 2.0 and the upcoming Layer 2 Shibarium are both anticipated to play important roles in the hypothesis of burning trillions of SHIB.
Leading Shiba Inu developer Shytoshi Kusama stated that burning trillions of Shiba Inu would be a "true community endeavor."According to him, the project is making progress in several directions. While expressing his hope that the timing is optimal, he adds that this might take some time.
SHIB, BONE price action
According to CoinMarketCap, Shiba Inu was trading at $0.0000123 at the time of publication, marginally up in the last 24 hours. There is still slight selling pressure in the market as cryptocurrencies attempt a rebound after Friday's massive sell-off.
Per WhaleStats data, the top 100 ETH whales are currently hodling $148,354,507 worth of SHIB.
The Shiba Inu governance token, BONE, remains up 1.77% at $1.07 against the backdrop of other crypto assets, which mostly traded in the red at press time, given the recent market sell-off.
FAQs
Since Shiba Inu's launch in 2020, more than 410 trillion SHIB tokens have been burned, representing about 41% of the token's total supply. As of February 2024, the total value of all burned SHIB is more than $3.9 billion.
What is the record for the Shiba Inu coin burn? ›
The second-largest meme coin – Shiba Inu (SHIB) – experienced a significant resurgence of its burning mechanism in March. Data shows that the burn rate for the past month resulted in over 15.5 billion assets destroyed. The biggest spike occurred on March 8 when almost 14 billion SHIB tokens were sent to a null address.
Can Shiba Inu burn trillions of coins? ›
In 2022, a Shiba Inu community member, who goes by the pseudonym 'Queenie,' projected that the Shibarium burn portal could incinerate a whopping 111 trillion SHIB tokens annually.
How much did Shiba Inu spike? ›
Shiba Inu is up nearly 200% in the last month. But why? The spike in meme coins in recent days likely has nothing to do with the coins themselves. Instead, the spike in Doge and Shiba Inu likely has a lot to do with Bitcoin and, to a lesser extent, perhaps, Elon Musk.
How much SHIB will be burned in 2024? ›
9.9 Billion Token Out Of Circulation
In January 2024, the Shiba Inu cryptocurrency ecosystem witnessed the burning of approximately 9.9 billion SHIB tokens, a move aimed at reducing the token's circulating supply and potentially increasing its value.
How many Shiba Inu coins are left? ›
The current circulating supply of SHIBA INU is 589 trillion.
Will burning Shiba coins increase value? ›
Burning Shiba Inu, or permanently removing coins from circulation, is a strategy to reduce supply and potentially increase the value of the remaining coins. This tactic is often used to create scarcity, which can be appealing to investors as it might lead to price appreciation due to the reduced supply.
How high can a Shiba Inu coin go? ›
According to your price prediction input for Shiba Inu, the value of SHIB may increase by +5% and reach $ 0.000031 by 2030.
Will SHIB reach 1 cent? ›
Despite past price surges, the possibility of SHIB reaching 1 cent is quite remote. Even at its all-time high in October 2021, SHIB would have required a significant increase of 113x in price to reach 1 cent. Despite the unlikely prospect of reaching 1 cent, there is still potential upside for SHIB.
What happens if they burn Shiba Inu coin? ›
When SHIB tokens are burned, they are sent to a wallet address where they become inaccessible. These burned tokens are effectively taken out of circulation, reducing the total supply of SHIB tokens.
SHIB burns on fire
While the amount of meme tokens burned is not mind-blowing, the rise in the burn rate was significant – a whopping 2,076%.
Is the circulating supply of Shiba Inu burning? ›
Cumulatively, the Shiba Inu community has successfully burnt a staggering 410,726,100,388,767 SHIB tokens, while the total circulating supply currently stands at 589,273,899,611,232 SHIB.
Can a Shiba Inu skyrocket? ›
At that nearly $6 trillion market cap, Shiba Inu would be more valuable than Microsoft and Apple combined. That seems totally unreasonable. Even though Shiba Inu isn't likely to soar 34,000-fold over the next six or so years to reach $0.01, it doesn't mean some investors aren't still interested in owning it.
How much Shiba Inu has to be burned to reach 1 cent? ›
To reach 1 cent, Shiba Inu would have to increase in price by a factor of 1111. Assuming a 50% burn rate and continuing with the current development plans, SHIB can reach $1 in 31 years. Will SHIB reach $1 in 2025? No, the Shiba Inu will not become a dime in value by 2025.
Will shiba inu coin reach $1? ›
Simply put, there is no way Shiba Inu can rise to $1 in its current state. The community is trying to shrink supply by "burning" tokens, which removes them from circulation forever, but efforts have been futile so far.
Will Shiba Inu increase burn rate? ›
SHIB Burn Rate Takes Off
The team behind the popular meme coin – Shiba Inu – keeps removing a substantial amount of tokens from circulation. Data shows that the burn rate has skyrocketed by almost 500% in the past 24 hours and 193% on a weekly scale. This resulted in over 774 million SHIB assets being destroyed.
