Here’s how much Shiba Inu was burned since its November high

Sahana Kiran
Shiba Inu
Source – Unsplash

The bears have certainly scared the ‘dogs’ and the ‘apes’ of the crypto market. The last couple of weeks have been nothing but a nightmare for the crypto-verse. From crypto projects crashing abruptly to stablecoins losing their peg, the market has been a mess. Amidst this, the Shiba Inu community has not shied away from carrying out burns. One entity alone managed to burn over 2 billion SHIB tokens since November 2021.

The Shiba Inu network has time and again proved to be a community-driven forum. The network has allowed an array of members from the community to burn SHIB by sending it to a dead wallet. Jumping on to the trend, game developer, Travis Johnson went on to carry out multiple burns over the last couple of months.

Over the weekend, Johnson’s store along with Amazon managed to burn over a whopping 70 million Shiba Inu tokens.

The network was previously conducting monthly burns. However, it soon started executing weekly burns as well. After collaborating with Amazon and its affiliate Shib burning program, Johnson expanded his burning horizon.

In addition to this, Johnson’s SHIB Super Store revealed that they had burned over 2 billion SHIB. This started right after Shiba Inu hit an all-time high of $0.00008845 on 28th October 2021. Currently, the asset is 90 percent below its all-time high.

Prominent ETH whales continue holding on to their SHIB

The bear market is speculated to be the best time to stock up on funds. Shytoshi Kusama, the lead developer of Shiba Inu even said so. He previously tweeted,

“Next, during this bear market is the best opportunity for anyone to buy Shib OR burn Shib. Ryoshi would say this, that the number doesn’t always “go up” and that it wasn’t a bad thing. Something I didn’t understand at the time.”

Ethereum [ETH] whales have taken this seriously and have been loading up on Shiba Inu. Some of these whales were even holding on to their SHIB awaiting a possible surge. This further made Shiba Inu the most held asset by the top 5000 ETH whales.

Despite multiple burns as well as increased interest in whales, Shiba Inu was struggling to pocket gains. While several assets in the market were bagging double-digit gains, SHIB recorded a daily surge of only 3 percent.

In addition to this, the cryptocurrency was trading for $0.00000827. The market cap of SHIB dropped to $4.54 billion which further pushed the asset to the 17th position.