Many burn events are still far from having a real impact on Shiba Inu prices, according to Shibburn. The Shiba Inu is currently trading at $0.000022, down 2.11% in the last 24 hours, according to CoinMarketCap.
Given the price performance in recent months, the Sheba price is still 75% below its all-time high of $0.00008 in October 2021.
It’s great to see so many getting involved and exploring ways to burn off the $SHIB supply. Although there is a lot of burning happening, it is still far from having a real impact on the price. There are many more factors that contribute to price movement.
— Shibburn (@shibburn) March 13, 2022
For his part, Shibburn, in a tweet thread, mentions several factors that could push Chiba’s price to $0.01, although this may seem like a far-fetched dream, given current market conditions, Chiba believes that doing more for the community of Chiba, as a hodling and staking – can help increase the price of the shiba inu in addition to burning it.
Chiba Coin Burn Progress
In the last 24 hours, a total of 10,774,126 Sheba were burned in eight different transactions. Several transactions involving millions of Sheba were subsequently reported, resulting in the burning of more than 700 million Sheba in a 24-hour period.
According to the Shibburn website, the Shiba Inu burn rate has increased 5926.8% in the last 24 hours to 739234434 Shiba Inu burned in the last 24 hours.
Sharing details of the progress of the Sheba burn, Shibburn reported that “61.8 billion Sheba was burned not including the Vitalik burn. Over 25.5 billion Shiba have been burned due to ShibaSwap listings and Shiboshi name change fees. The first Shiba Inu transaction sent to the dead wallet in 2020 was for 26.9 billion Shiba.”
So far, a total value of 410,304,552,937,451 Sheba has been burned from the initial offering of 1 quadrillion.
Shibburn also reported on the massive burn, saying: “More than 7.2 billion tokens were burned in August and more than 6.9 billion Sheba in September 2021. It has been clarified that the Shiboshi and ShibaSwap listing fees were limited burn mechanisms. “.
Along the same lines, along with the massive burning of shiba, the whales are also putting up a massive buildup. According to a recent tweet from WhaleStats, a mystery whale bought 49,651,432,412 chiba for $1,094,317.