1.5 Billion SHIB Burned In February, Does This Have Any Effect On Its Price?
2022-03-07 10:49:50
What Is The Price Of Shiba Inu Coin In February 2022
As you may have seen, many cryptocurrencies use the mechanism of “burning”-the act of destroying coins by sending them to ‘dead’ wallets, aiming to sustain themselves long-term. Currently, nothing is more visible in terms of burning than Binance Coin (BNB) and Ethereum (ETH).
By contrast, our meme coin superstar-Shiba Inu coin has no regularly scheduled SHIB burns through its tokenomics or WoofPaper. This is something that has often made the SHIB subject to inflationary criticism and the reason for some investors not willing to buy Shiba Inu coin.
However, the powerful community, better known as Shib Army, is playing a great role in burning SHIB, their efforts are among the strongest in any cryptocurrency community.
1.5 Billion SHIB Burned In February 2022
According to the latest data, the Shiba Inu community burned nearly 1.5 billion SHIB in February 2022 through a total of 251 separate burns. Spurred on by two major parties, Bricks Buster, a mobile game app and Bigger Entertainment, a music publishing/entertainment group, the Shib Army sent 1,480,346,835.24 SHIB to three dead wallets. This is 168 million more SHIB than was burned in January 2022.
Specifically, Bricks Buster burned 415,417,430 SHIB through ad revenue on February 15, accounting for 28% of the total SHIB burned in February. Bigger Entertainment followed behind with 240 million SHIB burning on Valentine’s Day through its SHIB Lovers Burn Party event.
It is always believed that burning is helpful to increase scarcity, which could lead to a price increase over time. So, how did the Shiba Inu coin price perform in February?
Shiba Inu Price Review: February 2022
Data from Gate.io, a leading crypto exchange, showed that on the last day of 2021, Shiba Inu was trading just over $0.000033 which rose to $0.000034 on the second day of 2022. However, SHIB price could not hold on to its new support level and slid below $0.000030 on January 7th.
February has been slightly better for Shiba Inu coin prices. It soared over $0.000030 again and climbed back to $0.000032 on February 7. However, the Ukraine Crisis had crashed Shiba Inu again and it was trading between $0.000023 and $0.000026 at the end of last month.
On February 14 and 15, the two days the community burned most of the SHIB tokens, we could see a moderate rise from the lowest of $0.000028 to the highest of $0.000031. The coin has attempted recovery in the last few days, however, due to less volume, Shiba Inu failed to breach $0.00003. At the time of writing, its price is hovering at $0.000024.
Other Catalysts
The SHIB burn may help its price increase to some extent, but it is not the only factor. For example, the announcement of the launch of Shiberse, the virtual metaverse world for the SHIB ecosystem.
And as we reported days ago, before the big announcement of Shiba Inu’s metaverse plans, several Ethereum whales began to buy millions of dollars’ worth of SHIB amid the upcoming burning events. Finally, the first real-world use case of Shiba Inu coin occurred last month. A restaurant in Naples, Italy, named Welly’s, adopted SHIB as its mascot.
As you may have seen, many cryptocurrencies use the mechanism of “burning”-the act of destroying coins by sending them to ‘dead’ wallets, aiming to sustain themselves long-term. Currently, nothing is more visible in terms of burning than Binance Coin (BNB) and Ethereum (ETH).
By contrast, our meme coin superstar-Shiba Inu coin has no regularly scheduled SHIB burns through its tokenomics or WoofPaper. This is something that has often made the SHIB subject to inflationary criticism and the reason for some investors not willing to buy Shiba Inu coin.
However, the powerful community, better known as Shib Army, is playing a great role in burning SHIB, their efforts are among the strongest in any cryptocurrency community.
1.5 Billion SHIB Burned In February 2022
According to the latest data, the Shiba Inu community burned nearly 1.5 billion SHIB in February 2022 through a total of 251 separate burns. Spurred on by two major parties, Bricks Buster, a mobile game app and Bigger Entertainment, a music publishing/entertainment group, the Shib Army sent 1,480,346,835.24 SHIB to three dead wallets. This is 168 million more SHIB than was burned in January 2022.
Specifically, Bricks Buster burned 415,417,430 SHIB through ad revenue on February 15, accounting for 28% of the total SHIB burned in February. Bigger Entertainment followed behind with 240 million SHIB burning on Valentine’s Day through its SHIB Lovers Burn Party event.
It is always believed that burning is helpful to increase scarcity, which could lead to a price increase over time. So, how did the Shiba Inu coin price perform in February?
Shiba Inu Price Review: February 2022
Data from Gate.io, a leading crypto exchange, showed that on the last day of 2021, Shiba Inu was trading just over $0.000033 which rose to $0.000034 on the second day of 2022. However, SHIB price could not hold on to its new support level and slid below $0.000030 on January 7th.
February has been slightly better for Shiba Inu coin prices. It soared over $0.000030 again and climbed back to $0.000032 on February 7. However, the Ukraine Crisis had crashed Shiba Inu again and it was trading between $0.000023 and $0.000026 at the end of last month.
On February 14 and 15, the two days the community burned most of the SHIB tokens, we could see a moderate rise from the lowest of $0.000028 to the highest of $0.000031. The coin has attempted recovery in the last few days, however, due to less volume, Shiba Inu failed to breach $0.00003. At the time of writing, its price is hovering at $0.000024.
Other Catalysts
The SHIB burn may help its price increase to some extent, but it is not the only factor. For example, the announcement of the launch of Shiberse, the virtual metaverse world for the SHIB ecosystem.
And as we reported days ago, before the big announcement of Shiba Inu’s metaverse plans, several Ethereum whales began to buy millions of dollars’ worth of SHIB amid the upcoming burning events. Finally, the first real-world use case of Shiba Inu coin occurred last month. A restaurant in Naples, Italy, named Welly’s, adopted SHIB as its mascot.
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