According to the Shibburn tracker, more than $4 billion worth of Shiba Inu has been destroyed since the mechanism was implemented, exceeding the whole market cap of MATIC in terms of burnt coins on the Shiba Inu network.
The burn tracker indicates that, with the assistance of numerous enterprises and organizations using the token, the network effectively burnt over 410 trillion tokens. The SHIB burning mechanism was created by the developers to provide ongoing support for the token price, which should increase in line with the shrinking supply.
Shiba Inu’s burnt supply is more than that of currencies MATIC as a result of the burning mechanism’s implementation some months ago, which caused the overall value of burned coins to skyrocket even further.
Shiba Inu’s price seems unaffected despite the burns
The fundamental cause of Shiba Inu’s burning mechanism’s inefficiency is related to the enormous amount of money held by smaller investors, which frequently exerts enough selling pressure to negate all gain SHIB receives from frequent burning occurrences.
Fortunately, the memetoken had a very successful movement in the last month, increasing in value by over 35% in just a few days. But SHIB lost all its gain in the last week as it plummeted by 8% in a week.
In other news, the number of holders appears to have climbed despite the current unfavorable market conditions for the coin. The Twitter account called MILKSHAKE reports that there are over 1,190,350 SHIB holders.
According to recent data from WhaleStats, SHIB enters the leaderboard in a comparison of the top 500 ETH whales. SHIB holds the second position with over $575,314,716 in holdings.