In the last 24 hours, more than 5.5 million Shiba Inu tokens have been burned. However, the constant daily SHIB token burnings did not contribute to yesterday’s price surge.
This is the amount of SHIB that needs to be taken out of circulation for the currency’s exchange rate to skyrocket, according to the SHIB army.
Here’s How Many Burned Tokens Can Drive The Price Of SHIB Up
According to the tweet posted by user @shibburn, in the last 24 hours, a total of 5,648,676 Shiba Inu tokens were destroyed by being sent to an unusable wallet.
The author of the post reminds us that, so far, just over 41% of the initial supply of quadrillions has been destroyed: 410,300,769,264,733 SHIB.
However, in the comment thread, several users posted sarcastic statements about burning these small amounts of the token. One of them believes that to see substantial Shiba Inu price action, at least 61-71% of the total supply must be destroyed.
Robinhood listing rumors push SHIB 20% higher
On December 12, after several Twitter accounts posted the rumor that the Shiba Inu would finally be added by the Robinhood trading platform in February, the price of SHIB showed an 8% increase, which later extended to almost 20%. %, reaching $0.00003240.
SHIB also regained its previous 13th position on CoinMarketCap from Polygon’s MATIC token. At press time, the dog meme crypto is changing hands at $0.00003165, having lost some of yesterday’s gains.
Whale #3 ETH buys 59 billion SHIB
Previously, CryptoReport covered that the third ETH whale, who goes by the name “Light”, had bought a mind-boggling amount of SHIB tokens worth $1,906,592.
Overall, SHIB again holds the highest value position in USD among the wallets of the top 1,000 Ethereum whales.