Record burning did not lead to an increase in the cost of SHIB tokens
On Saturday, December 24, the Shibburn tracker recorded a 642% increase in the number of destroyed tokens. More than 28 million SHIBs were burned that day. However, the price of the digital coin, according to the Bitfinex exchange, increased by only 0.73%. This is explained by the fact that although 28 million is a large figure, it is about $233 in fiat money, which did not have a strong effect on a cryptocurrency with a capitalization of more than $4.5 billion.
On Sunday, December 25, the situation repeated itself - about $30 million of SHIB tokens were burned, and the price fell by a little less than 0.5%. U.Today analysts drew attention to the lack of growth in the value of the token during the record liquidation of coins.
Despite this, Shiba inu is still an extremely popular meme-coin among Internet users and even ranks among the top 5 cryptocurrencies in terms of the number of search queries.
