The value of meme cryptocurrency, Shiba Inu was restricted from further tumbling at $0.00002044 on 31st January. Traders supported the token at this value, following which we saw SHIB climb by 7% over the last 24-hours and was currently exchanging hands at $0.00002155. This push in value could be a result of the consecutive burn carried out in the ecosystem. As per data, a total of 1.32 billion SHIB tokens were burned in January 2022.
According to the tracker of Shiba Inu’s burn on Twitter, @shibburn noted that 1,321,145,209 SHIB tokens were burned in January with 293 transactions. The final day of the month saw the burning of 56.61 million SHIB tokens with 11 transactions.
However, this burn has not yet helped the price of the meme token escape the bears in the market. As per the daily price movement, SHIB remained 35% under the value it started in 2022.
This could be associated with the Shiba Inu burn rate falling by at least 36% compared to the previous month. As per data, we saw nearly 2.07 billion tokens being burned with 349 transactions. However, Bigger Entertainment has revealed that the company was working to double the rate of this burn.
According to the Bigger Entertainment CEO, Steven Cooper explained this on its YouTube channel which has been monetized and will contribute to the Shiba Inu burn. As per the CEO,
“So every single time you watch our channel, no matter what video, no matter if it’s music, daily updates, little shorts, whatever it is, we’re going to be burning SHIB together and we plan on putting as much as humanly possible toward this.“
Cooper added, “We believe that this could double our burn rate again and we believe this is going to be just as lucrative as the playlist.”
Given the team was preparing for a big burn on the 14th of February, we may witness a brief but strong movement in Shiba Inu price.