SHIB price continues to drop despite 40% of initial quadrillion token supply burned

SHIB price continues to drop despite 40% of initial quadrillion token supply burned
8 months ago
2 mins read

The Shiba Inu (SHIB) burn movement continues to make progress in the cryptocurrency industry as the decentralized asset’s total token circulation diminishes. 

Indeed, according to the most recent statistics available on SHIB token burning, almost 21 million Shiba Inu tokens have been destroyed in the last 24 hours, for a total of 21,328,508 tokens burned from 11 transactions. 

Aside from that, it’s worth noting that a total of 410,301,297,677,661 SHIB tokens have been burned from the initial supply, accounting for 41% of the one quadrillion tokens, as per the SHIB burn tracker and first dedicated burn project Shibburn.

Shibburn latest burn transactions. Source: shibburn

SHIB burn campaign

Whatsmore, in a recent report by Finbold, it was revealed that as part of the Shiba Inu burn campaign, nine businesses have committed to work together to burn a set proportion of revenues or a defined monetary amount into the official SHIB burn wallet.

Despite the increasing burn of the meme token, Shiba Inu is presently trading at $0.00002573, down 7.68% in the last 24 hours and a further 15.6% across the previous seven days, according to CoinMarketCap statistics.

Currently, SHIB has a total market worth of $14.1 billion with over $970 million in volume traded in the last day. In spite of the volatility in the cryptocurrency market, the number of decentralized token holders continues to climb in 2022 as more investors continue to buy SHIB.

Notably, between December 15, 2021, and January 13, 2022, SHIB raised the total number of unique addresses by 72,222 new holders, adding an average of 2,407 new addresses each day to its network.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.