Throughout January, when price declines dominated the news, Shiba Inu continued on its path of making SHIB a deflationary asset by burning and destroying SHIB tokens.
According to the official tracker of Shiba token burns, ‘Shibburn,’ 1,321,145,209 SHIB tokens have been destroyed across 293 different transactions. Shibburn reported;
🔥 1,321,145,209 $SHIB tokens have been burned in the month of January with 293 transactions. #shibarmy— Shibburn (@shibburn) February 1, 2022
Shiba Inu’s January concluded by destroying 56.6 million SHIB tokens in 11 transactions, bringing the total amount of SHIB burnt since the start of December to 3.393 billion SHIB tokens.
Since Ethereum’s Vitalik Buterin introduced token burning to the Shiba Inu project, 410,301,843,009,529 (41.03018%) tokens have been destroyed from its initial supply of 1 quadrillion.
On the Flipside
- January’s burn of 1.32 billion SHIB tokens represents a decline of 36.37% from December when 2.07 billion SHIB were destroyed.
How SHIB Can Reach $0.01
While increasing from its current price of $0.000022 as of this writing to $0.01 may be a fantasy for many, the owner of Bigger Entertainment, Steven Cooper, believes that the dream in fact become a reality.
Cooper assured the Shiba Army that Bigger Entertainment would focus on bringing people – whether they are familiar or unfamiliar with crypto in general – to help destroy SHIB tokens.
According to Cooper, besides burning SHIB, entertaining people is the way to boost the price of SHIB to $0.01. He tweeted:
Our goal isn't for #shib holders to always burn their coins. Our goal is to spread music, YouTube vids, merch, NFT's, etc to audiences outside of #shibarmy. This is how we reach a .01. By building an ecosystem where people are burning w/o even knowing it. Through entertainment.— Steven Cooper (@iamstevencooper) January 30, 2022
Why You Should Care
Shiba Inu hopes to increase the price of its SHIB tokens by reducing the amount of SHIB in circulation and adding utility to its network.