410 Trillion Shiba Inu Tokens Have Been Burned, Price Remains Stagnant – Shiba Inu ($SHIB)

Shiba Inu (CRYPTO: SHIB) Tokens are constantly being burned by the community, but the meme-based cryptocurrency has not been able to reverse the falling price trend.

What happened: According to update from Shepburn, An account that tracks all Shiba Inu token burns, over 410 trillion SHIB tokens have been burned so far.

This represents 41% of the initial supply of 1 quadrillion SHIB tokens. However, with 549 trillion SHIB still in circulation, it appears that the community-led effort to burn the tokens has had little impact on the price.

It Dogecoin A competitor’s price (CRYPTO: DOGE) is down more than 60% from its all-time high of $0.00008845 in October 2021. However, its community continues to contribute to SHIB burning events in the hope that by reducing existing coins from circulation, their price will finally go up.

In December 2021, Bigger Entertainment Inc. She organized a SHIB Burn birthday party that set off to burn 176 million grays in a live event.

The week saw 1.14 billion SHIB tokens burned, largely due to Bigger Entertainment’s Spotify Technology SA (NYSE: SPOT) A playlist that burns SHIB with every broadcast.

Despite the constant efforts to burn the token and the whale buying of SHIB tokens, the price of the cryptocurrency continues to stagnate at around $0.00003308.

SHIB lost 15.3% last week but is still up a whopping 34,988,291% over one year.

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