Investors Burn 29 Million SHIB Tokens with 17% Drop
Shiba Inu’s fervent community continues to burn the excess tokens from circulation at a faster rate. The number of tokens burned combined from several community-driven projects reaches 29 million. Despite the efforts, the meme-coin has lost around 17% in the market, according to recent reports. However, this dip is expected to open the gateway for new investors to enter the meme-coin market.
The meme-coin project Shiba Inu was launched in 2021 during the crypto boom. This self-proclaimed Dogecoin Killer became the second-largest meme-coin in no time. However, the coin could not hold steady in the market as it did in the initial stages and had to incur a steady fall before reaching the 1 cent mark. Although the coin could not reach the 1 cent mark anytime soon, this research-based Shiba Inu price prediction claims that the coin could post 750% growth in the next five years. Along with this, the affordability of the coin has invited a large portion of the small-scale investments recently.
SHIB’s rally to the 1 cent is hindered by its own coin supply. SHIB had initially had a definite supply of 1 quadrillion tokens. Half of which has been burnt by Vitalik Buterin of Ethereum initially. Still, reaching 1 cent would bring the market cap of SHIB to trillions which would surpass the entire volume of the cryptocurrency market. It would be difficult for a meme-coin to bring such value to the supply of more than 500 trillion tokens. That is why the Shiba Inu community is focused on burning the excess coin to create demand.
According to the recent reports by Shibburn, more than 21 million tokens were sent to a dead wallet in the last 24 hours. Along with this, another burning project reported the removal of 6.5 million tokens. Together, these two numbers bring the 24-hour burning volume to 29 million. The tokens were sent to the dead wallet in 12 separate transactions and will never be withdrawn or traded with in the future. This new addition helped move the weekly burning volume beyond 150 million.
Despite the impressive burning volume, SHIB lost around 17% in the market lately, dropping from $0.00002738 to $0.00002323. This opened a gateway for Ethereum whales to increase their holdings. The Ethereum whales ranked 1st and 12th bought 50 billion and 55.8 billion SHIB tokens respectively during the dip. SHIB soon reclaimed more than 6% of the lost ground following the fall. The interest in Shiba Inu seems to have never faded since 2021, as the recent incidents prove. It might imply that investors are anticipating a rally as Shina Inu has planned to drop several attractive projects in the upcoming quarter.