Analyzing if Shiba Inu’s [SHIB] burning protocol is having any effect on its price

A significant impressive stash of Shiba, over the years, sent to unspendable wallets had decreased the circulation in supply. Well, to increase Shiba Inu‘s price. To be fair, it hasn’t quite worked over the years. But this time, the burning activity might have produced a different outcome.

In the past 24 hours, nearly half a billion SHIB tokens have been shifted to a dead addresses, thus removing from the circulating supply. According to Shibburn’s 22 May update, a total of 452,370,514 Shiba Inu canine tokens got removed, taking 41 transfers.

<p lang=«en» dir=«ltr» xml:lang=«en»>In the past 24 hours, there have been a total of 452,370,514 $SHIB tokens burned and 41 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) May 22, 2022

The burning mechanism helps to reduce the supply of the token while increasing the demand for this crypto out of thousands of cryptocurrencies. It is crucial to keep a higher cryptocurrency price in this highly fluctuating cryptocurrency market. Shiba Inu investors are hoping that the coin-burning strategy might get this cryptocurrency out of the trouble in the ongoing bear cryptocurrency market.

Well, did it work? The SHIB token did showcase a 3% surge as it traded at $0.00001 mark with a potential to grow further. Following this, Shiba Inu returned to the top of the most actively purchased assets among dominant buyers, aka whales.

<p lang=«en» dir=«ltr» xml:lang=«en»>JUST IN: $SHIB @Shibtoken is back on top 10 purchased tokens among 2000 biggest #ETH whales in the last 24hrs Read more on ambcrypto.com