Shib Army Burns Nearly 13 Billion SHIB In Last 24 Hours: Report
May 19 2022 - 8:00AM
NEWSBTC
A shocking amount of nearly 13 billion SHIB has already been
removed from the systemic circulation supply over the past 24
hours. As tweeted by the Shiba Inu transaction tracker @Shibburn,
this is because the coin is being sent to dead-end wallets. The
platform also burns Shiba Inu to help keep the supply down. Most of
this massive amount of SHIB was destroyed in just one hour. Related
Reading | Blockchain Data Indicates $10M Worth Of Ether From The
Ronin Exploit In Rotation In a tweet on May 18, Shibburn
communicated that a truly astonishing 10,028,551,985 Shiba Inu
tokens had been shifted to unspendable wallets in six exchanges a
few hours earlier. This portion of SHIB is worth $123,551. The
tweet reads; In the past hour, there have been a total of
10,028,551,985 $SHIB tokens burned and 6 transactions. An anonymous
crypto wallet burned 10 billion SHIB in a single transaction. This
was the largest single burn transaction for Shiba Inu so far since
the burn started. The number is staggering, but the platform
has made progress in containing it. For example, before the above
news, the platform tweeted that about 2,677,017,916 Shib were stuck
inside unspendable wallets; these took 92 transactions. Shibburn
tweeted; In the past 24 hours, there have been a total of
2,677,017,916 $SHIB tokens burned and 92 transactions. Visit
http://shibburn.com to view the overall total of #SHIB tokens
burned, circulating supply, and more. The Shibburn project’s
website reports that the burn rate of SHIB has increased by
5,189.09%. Dead-end wallets are cryptocurrency addresses that have
not had any incoming or outgoing transactions in multiple years.
They always contain funds, but most of them will never have any
transactions. No Impact Of Burns On SHIB Price According to
Shibburn, as of now, the total amount of burned Shiba Inu is
410,355,298,103,517 tokens. However, the Shiba Inu’s price has not
yet caught up with the all-time high from last year, which was
$0.00008845 per token in October 2021. As the circulating supply of
tokens decreases, the cryptocurrency becomes inadequate, and its
price is likely to rise. Whales Buy The Dip Some people are trying
to remove SHIB tokens from circulation so the price will go up. But
whales continue to buy SHIB tokens when the price is low and sell
them later when the price goes up. Related Reading | LUNA
Aftermath: Total Crypto Market More Oversold Than Black Thursday In
a tweet, WhaleStats announced that a prominent Ethereum investor
with the moniker “BlueWhale0073” had purchased 110,654,459,259
Shib, an equivalent of $1,313,468. On May 14, the BlueWhale0073
already made a bulk purchase an equivalent of $1,408,176 in SHIB –
109,842,128,610 meme coins. Featured image from Pixabay and
the chart from Tradingview.com
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