More than 2.8 billion Shiba Inu (SHIB) burned over a day, how will it affect the price?

By Selena 04/15/23 4:38 PM

The Shibburn Twitter account announced that enormous amounts – 2.8 billion Shiba Inu (SHIB) – had been burned the previous day. There have been 12 transactions and 1,524,520,814 SHIB burned in the last 24 hours, according to Shibburn.

In the past 24 hours, there have been a total of 1,524,520,814 $SHIB tokens burned and 12 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more.

— Shibburn (@shibburn) April 15, 2023

More than 1.3 billion tokens were moved to the dead wallet, they announced a few hours earlier.

1,324,609 $SHIB -> transferred to dead wallet. https://t.co/vO7q9tRra1

— Shibburn (@shibburn) April 15, 2023

The SHIB burn campaign reported a few transactions totaling millions of SHIB to be burned throughout the specified period. A significant burn transaction involving 1.49 billion SHIB (1,494,278,561 SHIB) was reported on April 14. It is noteworthy that this amount was transferred to a dead wallet.

Another noteworthy burn transaction was sending 16.7 million SHIB (16,712,083 SHIB) to the burn address immediately. A total of 1 quadrillion, or 1,000,000,000,000,000 tokens, were initially available for SHIB. The entire amount burned from the initial supply is 410,632,927,829,053 SHIB.

However, it seems that the law of supply-demand: supply is less than demand is not promoted. Because the current price has not changed too much. SHIB was slightly down over the previous 24 hours at the time of writing, trading at $0.00001129.

SHIB/USD 4-hour chart | Source: TradingView

Probably because the supply of SHIB is still too large for the number of tokens burned. Or perhaps because the meme coin trend is cooling off temporarily. And you, what do you think about this issue?

Join us on Telegram