Shiba Inu (SHIB) Falls Despite 1.12 Billion $SHIB Token Burn

• 1,124,579,958 $SHIB tokens were burned in January.
• All the burning was allegedly done with 223 transactions.
• SHIB has been exchanging hands at $0.000012 in the past 24 hours.

During this month, more than 1.12 billion Shiba Inu (SHIB) were burnt. Recent news from Shibburn.com includes the monthly SHIB burn number for January. According to the research, the Shiba Inu Community burned a whopping 1,124,579,958 SHIB (1.1 Billion) throughout 223 individual transactions.

In addition, the Shiba Inu Community has lately eliminated permanently from circulation 11,233,661 SHIB by conducting five different transactions over the previous twenty-four hours. The transactions bring the total number of SHIBs withdrawn from circulation to 11.23 million.

Amid the burning and transactions, Shiba Inu`s native token, SHIB, has been trading in the red. Specifically, SHIB has been exchanging hands at $0.000012 in the past 24 hours, recording a 0.81% decline, according to data from Coinmarketcap. Shiba Inu has a trading volume of $227,719,925, keeping it at the 14th position in the overall Coinmarketcap ranking.

The SHIB/USD pair has a market capitalization of $6 trillion and a circulating supply of 549,063,278,876,302 SHIB coins. It is also essential to remember that WhaleStats recently reported that Shiba Inu (SHIB) had surpassed Perpetual Protocol (PERP) as the cryptocurrency that has been actively traded the most among the top 100 largest holders of ETH in the past 24 hours.

In addition, SHIB has risen to become the holding with the most significant value among the top 500 ETH whales. These significant holders jointly possess $581,857,477 worth of SHIB, which is equivalent to $581.85 million.