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Will 2022 Take SHIB To 1 Cent? As In 2021 Alone, 410 Trillion Shib Inu Almost 41% Of Initial Supply Was Burned

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41.03006% Shiba Inu tokens were burned from the initial supply of 1 quadrillion in 2021.



Shiba Inu (SHIB) the token that was created as a meme coin and Doge competitor in August 2020 under the leadership of “Ryoshi” closed the year 2021 burning 410,273,539,992,961 shib tokens with 3,412 transactions.

 

 

 

The meme coin quickly gained some reputation in early 2021, drew investors’ attention after the involvement of personalities like Elon Musk and Vitalik Buterin.

When launched, Shiba Inu’s total supply was set to 1 Quadrillion. Later, Shiba Inu’s team gifted Vitalik Buterin half of SHIB’s total supply. Some people took this act as a “Marketing stunt.”

In response to the gift, Vitalik Buterin made the following announcement on May 17, 2021:

“I’ve decided to burn 90% of the remaining Shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to crypto relief (preventing large-scale loss of life) but with a more long-term orientation.”

Vitalik Buterin later declared the donation of 50 trillion SHIB tokens (worth around $1.2 billion at the time) to an India COVID-19 relief fund set up by Polygon founder Sandeep Nailwal.

Following this news, Shiba Inu’s burn movement started to grow and slowly the burning took momentum. Some online businesses like Nowpayments, Newegg, and Bigger Entertainment started to contribute towards Shiba Inu’s token burn. Some YouTubers like YourPop, Richskies, etc. also took the responsibility on their shoulders to burn Shiba Inu’s (SHIB) token by contributing 20% to 50%, even 100% of their Profit until and unless Shiba Inu’s token price hit price at least 1 cent.

Now, the Burning of SHIB token movement is in its full motion, In December 2021 alone  2,072,852,914 Shib tokens were burned with 349 transactions.

The question is that whether the price of Shib can reach 1 cent with such massive burnings or not?. The answer is definitely yes, but we need someone like Vitalik in 2022 that can burn trillions of tokens. There might be chances that the SHIB team officially announces any kind of massive burning this year, if anything like that happens, the price of SHIB will not only boost but also SHIB will be massively embraced in an unprecedented way.

Also, top crypto exchanges like Coinbase, Binance, and Kraken have listed Shiba Inu in 2021. There are more than a few chances that Robinhood will soon be joining other leading exchanges in listing Shib.

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Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Ammara authored more than 1,000 stories for TheCryptoBasic, CryptoComes and other fintech media outlets. She is particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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