Over 5.5 million SHIB tokens have been destroyed in the past 24 hours.
Shiba Inu (SHIB) has burned over 125 million SHIB in the last five days, reports beincrypto.com. In other words, over 125 million Shib tokens have been decimated over the previous five days. In total, 410 trillion coins have been destroyed, representing about 41% of the total supply of SHIB.
The decimation of over 5.5 million in the last 24 hours is not a new phenomenon. Tokens are regularly destroyed to reduce the number in circulation. It is a common ploy to jack up the prices. Initially, 500 trillion tokens were sent to Ethereum co-founder Vitalik Buterin, while the other 500 trillion were locked in UniSwap.
The excess token in circulation was dragging the prices of the meme-based token down. Burning does not mean any actual incineration, but it envisages sending coins to a dud wallet address to prevent them from being spent again.
Is burning enough?
According to a Yahoo Finance report, burning a considerable amount of tokens was scheduled to start in mid-December 2021. On December 26, Steven Cooper of Bigger Entertainment organized 239 million SHIB tokens were burned. As a result, the price of the meme coin surged briefly. Combined burning of tokens is beneficial since it involves fewer gas fees than individual token burning. Etherscan reported that 125 million SHIB tokens were burnt in the last five days.
However, according to Coingecko, the token prices have not increased much. Since December 8, 2021, the prices have been downward. Even after the decimation of 410 trillion coins, which represents 41% of the total supply of SHIB, the values have not increased.
The price was on a downward trend starting on December 8, 2021, at approximately $0.00003898, and at the time of writing is sitting at $0.00003407. SHIB experienced a massive surge in price in October 2021, hitting an all-time high on October 28, 2021, of $0.00008616.
Miles to go for SHIB to match DOGE
SHIB is still far behind its bigger cousin, Dogecoin, with 132 billion tokens in circulation. However, the first step towards bridging this gap was taken on August 7, 2021, when the ShibaSwap Developers announced a burn plan to reduce the $SHIB and $LEASH supply. The move was widely welcomed on social media by SHIB investors.