More than 125 million SHIB tokens have been burned in the last 5 days

More than 125 million Shiba Inu tokens have been burned in the past five days.

Why are Shiba tokens burned?

Over 5.5 million SHIB tokens have been destroyed in the last 24 hours. Tokens are usually destroyed or “burned” to reduce the number of tokens in circulation. This is done to drive up the price. This means that there were tons of tokens in circulation, resulting in negligible price increases. Burning involves sending tokens to a ‘fake’ wallet to avoid being reissued.

Is burning enough?

Yahoo Finance reported that a significant token burn would occur in mid-December 2021. As of December 26, 2021, 239 million SHIB tokens were burned by Steven Cooper of Bigger Entertainment. As a result, the price of the meme coin rose briefly.

Burning tokens together costs less than if each address burned its tokens separately. Etherscan reported that 125 million SHIB tokens have been burned in the past five days. However, this did not increase the price much. The price was in a downtrend as of December 8, 2021, around $0.00003898. It is currently trading at $0.00003386.

More than 410 trillion coins have now been burned, representing approximately 41% of the total stock of SHIB.

SHIB is slowly gaining ground

On August 7, 2021, the ShibaSwap developers announced a burn plan to reduce the SHIB and LEASH offerings. This was met with great enthusiasm by SHIB investors.

The developers also announced a $25,000 burn in both SHIB and LEASH. This corresponded to the launch of two trading pools on ShibaSwap PERL-ETH and RYO-ETH. SHIB founder Ryoshi hinted that the token burn is part of SHIB’s efforts to get into the metaverse.

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The acceptance of Shiba Inu is also going well. The token has been widely accepted lately. It was recently added to Flexa’s payment network for use in store purchases. Kraken and Gemini recently noted it too.

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