- Major burn tracker rebuked by a SHIB user about too small burns and slow progress in cutting down supply.
- Shiba Inu fan says “We will take more years and nothing will change.”
- 68 million SHIB burned in 24 hours.
The amount of Shiba Inu meme coins burned in the last 24 hours has dropped by approximately half, according to data from Shibburn. This renowned burn tracker fishes details about burn transactions from Etherscan before publishing on the website.
68 million SHIB Burned in 24 hours
Based on the burn tracker, the community of the second most popular meme coin (after Dogecoin) managed to burn 67,695,630 SHIB tokens within 24 hours. The number is a 50% drop from the 200 million meme tokens that had been burned the previous morning.
It follows that most of this total SHIB tokens were transferred to dead wallets in three transfers, carrying:
- 1. 18,887,244 SHIB
- 2. 11,181,405 SHIB
- 3. 30,151,901 meme tokens (the most recent one).
SHIB Army Responds
Following the report, a Shiba Inu fan, Babakura Alhaji, criticized the burn tracker, blaming all those individuals and organizations burning SHIB tokens. The fan alleges that all the burns that have happened so far over two years have not reduced the circulating supply enough to pump the SHIB price.
Alhaji also commented about the recent Twitter post by Shibburn, where the tracker disclosed the amount of SHIB tokens destroyed on January 4.
“In the past 24 hours, 38,921,355 $SHIB tokens burned and seven transactions. Visit http://shibburn.com to view the total of #SHIB tokens burned, circulating supply, and more.”
In his comment, Alhaji opined that the SHIB army should be burning trillions or at least billions of Shiba Inu. Otherwise, he said, it would take more years, and nothing would change.
“The amount of burning should be in the trillions or billions. Else, we will take more years, and nothing will change.”
SHIB Holders Share Alhaji’s Sentiments
Alhaji is not the only member of the SHIB community who the recent release has aggravated. In the same way, this is not the first time that a member of the SHIB army has raised the concern on Twitter.
In the past, other SHIB holders also complained, basing their argument on the fact that the circulating supply of the meme coin must be reduced significantly, lest there will be no price increase that every SHIB owner anticipates.
In general, as was reported by U.Today earlier when the platform summed up the burns made in 2022, last year, a little more than 81 billion SHIB coins had been burned. Noteworthy, burning, in this case, refers to locking coins in unspendable addresses.
From the report, approximately one-tenth (1/10) of that total had been removed by a bruber who uses an Amazon affiliate program dubbed ‘Shib Super Store.’
In a recent tweet by the same platform, overall, in 2022, they were able to burn 6,356,674,757 meme tokens, with the total amount for SHIB being $52,379.
On Thursday, January 5, the platform sent 18,887,244 SHIB tokens to a dead address. According to data on the Shibburn website, a total of 562,831,210,664,608 Shiba Inu tokens are circulating in the market currently, with 410,384,283,359,102 SHIB tokens from the initial supply of 999,990,978,489,935 SHIB having been burned already as of January 5.
About Shibburn
Shibburn is the first dedicated burn project in the crypto sphere explicitly designed for the Shiba Community to track $SHIB transactions made to dead wallets. The website made its market debut on June 1, 2021, drawing inspiration from Ethereum co-founder Vitalik Buterin’s massive burn in mid-May and the announcement of the ShibaSwap project.
The Shibburn Twitter page has since become a hub in the community where members, owners, or holders discuss SHIB burns. It became popular after lead developer Shytoshi Kusuma publicly displayed his support on October 11. Three days later, the Shibburn developer announced that he would use his platform with the help of the Shiba community to burn tokens. The move inspired many in the community with projects of their own.
Because of the mention, the Shibburn Twitter account gained over 20k followers in less than three days and appeared in Fortune Magazine. By December 2021, the website had accumulated over one million visitors. At the time of writing, the account has 285,000 followers.
