SHIB Army Continues the Burning Streak in the Hope of Pushing the Price

SHIB Army Continues the Burning Streak in the Hope of Pushing the Price

Shiba Inu is one of the cryptocurrency projects that followed the Dogecoin suit in the meme-coin trend. For the most part, things went well for this new dog-coin in 2021, and it even surpassed Bitcoin in terms of popularity. However, the coin could not get back up from the months-long fall that continued through 2022. Expert voices from various corners promptly announced that SHIB would never reach 1 cent owing to a staggering one quadrillion definite supply. Moreover, the budding project did not have enough value to bring to this large supply of coins. 

The developers’ team of Shiba Inu has been busy keeping up with the announcement intended to bring value to money invested in SHIB. These new projects explore NFTs, gaming, DAOs, and more community-related services. The meme even has plans to explore the metaverse through its ideas for a Shibverse. These projects are expected to get momentum with the much-anticipated launch of Shibarium. These developments, according to this complete and comprehensive Shiba Inu coin price prediction, would prepare the coin for a rally before the year-end.

Apart from these announcements, some community-based initiatives are expected to add to the price rally of SHIB. The Shiba Inu community is burning the excess SHIB tokens by sending them to a dead wallet with the idea to create demand, thereby pushing the price of SHIB. This SHIB burn idea is traced back to Ethereum co-founder Vitalik Buterin who burned 90% of the SHIB tokens offered to him as tribute. This first-ever burning accounted for nearly half of the total supply of SHIB tokens.

Now, this community-driven project has burned around 150 million tokens last week alone. This huge supply was burned through 46 separate transactions and is valued at $3,777. According to Shibburn, nearly 12 million tokens have been burned in the last twenty-four hours in 9 different transactions. Another SHIB burning project represented by the anonymous Twitter account @317_key reportedly burned around 450 million tokens so far. This is valued at $11,273. 

On the other hand, Shiba Inu is making moves in the Ethereum wallets. As per the recent reports by WhaleStats, SHIB moved to third place by the overall holding amount. With 54 trillion tokens, Shiba Inu is ranked just behind FTT and accounts for 15.02% of the entire holdings in the top 1000 Ethereum whales. This SHIB holding is estimated to exceed 1.2 trillion USD. Accounting for nearly 18% of the whale holdings, FTT is valued at a staggering 1.5 trillion USD staying conveniently above SHIB. However, the untiring effort of the Shiba Inu community towards token burning could help SHIB jump position possibly soon.

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