Twitter account Shibburn, which shares Etherscan links showing the Shiba Inu supply being destroyed, reported that 5.6 million SHIBs had been removed from circulation in the past twenty-four hours. However, the amount of SHIB burned in the last five days is now 22 times more than that. Let’s take a look at why this is happening and DailyFX analyst Christopher Vecchio’s altcoin predictions.
More than 125 million SHIB burned in last 5 days
According to Etherscan, about fourteen transactions were made to send a total of over 125 million SHIB tokens to a dead wallet, resulting in tokens will no longer be usable. The largest of these carries 100,000,000 million SHIB and was made five days and eleven hours ago.
According to Twitter user Shibburn, 5.6 million SHIB tokens were burned through six transfers over a 24-hour period. Shibburn shares that the SHIB military has so far burned 410,300,521,864,319 SHIBs from an initial supply of 1 quadrillion.
Altcoin project shared 2022 roadmap
In recent altcoin news regarding Shiba Inu, NOWPayments, the custody-free platform that processes cryptocurrency payments, stated that it plans to add a feature that can be used by traders to burn SHIB. Steven Cooper, owner of Bigger Entertainment, Kriptokoin.com , announced a series of “SHIB token burn” events and a playlist where users can burn SHIB by playing music. The latest news from the meme token is “DOGGY DAO” that will give SHIB a DAO structure. However, according to DailyFX’s Vecchio, 2022 meme coins will not pass for good…
Senior analyst believes SHIB is unlikely to rally in 2022
According to Christopher Vecchio, senior money strategist at IG Group subsidiary DailyFX, meme coins like Dogecoin and its rival Shiba Inu are not “lucky” in the incipient 2022. Vecchio thinks Doge, SHIB and other meme coins will go “deeper”. However, he is also bearish on Bitcoin, noting that Bitcoin is currently facing a “crisis of faith.”