Reading time: ~ 2 m
Companies will decide what percentage of Shiba Inu (SHIB) coins to burn each quarter. However, the previous destruction of the coin did not affect its price.
It looks like talk of Shiba Inu (SHIB) token burning has been steadily growing in the crypto community over the past few days. For example, on January 3, Stephen Cooper, founder and CEO of Bigger Entertainment, the first cryptocurrency-based record label, announced a 2.75 million SHIB token burn.
Cooper reported that a total of 889,483,100 SHIB tokens have been burned since the company began its burn campaign on October 20, 2021:
“Another 2.75 million SHIB are gone forever. The total number of people burnt up to 889,483,100 since the launch of our campaign on October 20. We are very excited about what 2022 will bring! “
The nine companies that have announced the burning of SHIB include Shiba Coffee Company, Bigger Entertainment, The Vibe Maquillage, Marklien, Precious Paws Save The F ** king Trees, THE SHIBETTES | 1/1 NFT and Shiba Search.
Indeed, a total of nine firms have signed the SHIB Burn Pledge, which pledges to burn a certain percentage of the income in the official SHIB Burn wallet as part of a large burning campaign.
In addition, Cooper stated that the gas prices associated with Ethereum are too high and therefore they have not been able to burn as many coins as they would like. Therefore, it was decided to migrate to the Polygon network.
“To get the most out of our NFT sales, we switched to polygon mesh. Ethereum gas charges are too high and we won’t be able to burn as many #shibs as we would like, ”he tweeted.
It is noteworthy that the rate of incineration is not fixed, but grows with each company that joins the company.
What’s next for SHIB in 2022?
As more companies join the group, watchers will be keeping a close eye on how SHIB’s price reacts in 2022. Interestingly, Shiba ended 2021 with a $ 6 billion churn in December despite the addition of over 80,000 new holders.
Since December, the token has been under constant pressure, despite the growth in the number of investors. In this case, this means that the new holders did not acquire enough SHIB to resist the selling pressure, which had a detrimental effect on the value of Shiba Inu.
Moreover, the price decrease in December occurred despite the fact that the developers burned a large number of tokens: from December 20 to 26, 1,140,746,704 SHIB were burned, which is almost 2 billion for the entire month.
Due to incineration activities, SHIB supplies are in turn reduced; Time will tell whether this will be enough to catalyze price increases.
The coin is currently trading at $ 0.00003332, down nearly 2% over the past 24 hours and 14.6% over the week.
#companies #merge #scheduled #SHIB #incineration
