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Shiba Inu Burned Coins Exceed Market Cap Of MATIC With $4B Worth Of Tokens Destroyed
Unfortunately, massive burn does not help SHIB's price.
Uzma D.
10:23 4th Jul, 2022
Markets

The amount of burned coins on Shiba Inu network exceeded the total market capitalization of MATIC, with more than $4 billion worth of tokens destroyed since implementing the mechanism, according to Shibburn tracker.

As the burn tracker suggests, over 410 trillion tokens were successfully burned by the network with the help of various businesses and entities using the token. Developers designed the SHIB burning mechanism to create constant support for the price of the token that should rise with the decreasing supply.

Shiba Inu Chart
Source: TradingView

Since the burning mechanism was implemented months ago, the total value of burned coins should be even higher, making the burned supply of Shiba Inu greater than such coins as Matic, UNI and even Litecoin.

But realistically, the real value of the burned coins is significantly lower than $4 billion considering the lack of liquidity that can absorb such a massive volume of SHIB. Hypothetically, the injection of 410 trillion Shiba Inu tokens on the market would most likely push the price of the token to almost zero, pushing its market capitalization to absolute lows.

Source



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