More than 5 million SHIBs have been burned recently, but that’s nowhere near enough to drive up the price of the coin significantly, according to some members of the SHIB community.
In the past 24 hours, over 5.5 million Shiba Inu meme tokens have been burned. However, the constant daily SHIB burns did not contribute to yesterday’s spike in SHIB prices.
This is how many SHIBs need to be taken out of circulation for the coin’s exchange rate to skyrocket, according to the SHIB Army.
Here’s how many burnt tokens can drive the SHIB price up
According to the tweet posted by user @shibburn, in the past 24 hours a total of 5,648,676 Shiba Inu tokens have been destroyed by being sent to an unusable wallet.
The author of the message reminds us that, so far, just over 41% of the initial quadrillion supply has been destroyed: 410,300,769,264,733 SHIB.
In the last 24 hours there have been a total of 5,648,676 $SHIB burnt tokens and 3 transactions. So far, a total of 410,300,769,264,733 #SHIB tokens (41.03008%) were burned from the initial supply of 1 quadrillion. #shibarmy
— Shibburn (@shibburn) January 13, 2022
However, in the comments thread, several users posted sarcastic statements about these tiny amounts of burned tokens. One thinks that to see substantial Shiba Inu price action, at least 61-71% of the total supply must be destroyed.
It’s true that……. Only after a 61-71% burn can we see substantial price swings…….
— hironmoy bhattacharyya (@hironmoy111) January 13, 2022
Robinhood Announces Rumors Raising SHIB by 20%
On December 12, after several Twitter accounts posted a rumor that Shiba Inu would finally be added by the Robinhood trading platform in February, the price of SHIB posted an 8% surge, which later expanded to almost 20%, reaching $0.00003240.
SHIB also reclaimed its former 13th position on CoinMarketCap from Polygon’s MATIC token. At press time, the canine crypto meme is changing hands at $0.00003165, having lost some of yesterday’s gains.
ETH Whale #3 Buys 59 Billion SHIB
Earlier, U.Today covered that the third ETH whale, which goes by the name of “Light,” bought a mind-boggling 58,900,000,000 SHIB worth $1,906,592.
Overall, SHIB again holds the largest position by USD value among the top 1,000 Ethereum whale wallets.