The Shiba Inu (SHIB) community has continued their SHIB burning campaign at full speed, believing that the value of the meme token will exponentially grow with the reduction in supply.
The major burner has prepared another 140.8 million SHIBs for the March 15 burn event, adding to the substantial half-billion-plus SHIB amount that was already in the burn pot at the beginning of March. Additionally, over the past week, more than 11.06 million of these meme tokens have already been incinerated.
What’s the significance of this burn event?
The SHIB Super Store Twitter account (that represents the official page of the Johnson SHIB burn games) has stated that a total of $3,159 worth of SHIB tokens have been prepared for the March 15th burn event – which is an event that usually plays out on the 15th day of every month.
“Numbers updated! $3,159 shibsuperstore.com A little behind last month, but we will get there! CPM has been pretty low, and Android still hasn’t monetized Candy Trips. There is still plenty of month left, let’s do it!” – tweets @shib_superstore.
This amount is the fiat equivalent of 140,712,694 SHIB tokens. Tokens that are “burned” are permanently removed from circulation, which is one way in which the value of a token can be driven up. The account also announced on March 1 that they had raised a whopping 514,503,816 SHIB for the burn event – which when combined with the recent 140M equates to a cumulative 655,216,510 (depending on price movements) for the month of March, whic is a substantial chunk; albeit still relatively minor compared to the total circulating supply of 550 billion.
Elsewhere, @shibburn has found data from etherscan that indicates another team has been actively burning SHIB tokens as well; with approximately 11.06 million tokens shifted to dead addresses at the end of last week.
“In the past 24 hours, there have been a total of 9,833,227 $SHIB tokens burned and 5 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy” – tweets @shibburn.
Almost 1.2 million holders!
The second-largest meme token has experienced a huge surge of popularity since the end of 2021, with the number of SHIB wallets soaring by nearly 200,000. At the end of 2021, the number of SHIB investors peaked at a comfortable one million, and rose to as high as 1,198,266 in mid-March 2022. It has seen a slight tumble over the past 24 hours (down to 1.16 million holders), but optimism among the community still holds strong.
