A total of 324,735,210 Shiba Inu (SHIB) tokens were destroyed in the past 24 hours in just about 27 transactions. The idea of burning SHIB simply means the tokens are being taken from the circulation supply and locked in a dead wallet, which is supposed to create somewhat scarcity for the second-largest meme cryptocurrency.
Over 324M Shiba Inu tokens burnt
The tracking platform itself, Shibburn, burned about SHIB tokens, accounting for the biggest amount of the meme tokens destroyed in a single transaction at the time.
During the time of writing, the number of tokens burned in the last 24 hours increased to 369,896,055 SHIB, an equivalent of $5.6k at today’s market price. The burn rate for the timeframe is up at 361.82%. According to the information from the Burn Portal, about 26,800,150,775 SHIB or $408,970 has been burnt since the burning mechanism was deployed to the network.
It’s worth noting that these tokens burnt are simply sent to a dead address, where they can never be withdrawn or spent.
SHIB price collapses despite tokens burnt
Despite the launch of the Shiba Inu burn portal on April 25, 2022, Shiba Inu’s price continues to plunge, causing a large burn of SHIB tokens. According to data from the Shiba Inu burn portal, SHIB tokens were incinerated overnight. The burning of a meme coin reduces its circulating supply and increases the token value.
Since Friday morning, 405 million, 311.8 million, and 243 million SHIB chunks have been destroyed. Despite the continuous burning of SHIB coins, the meme coin has continued to fall. Shiba Inu hit its lowest point in seven months in the recent crypto market bloodbath.
The Shiba Inu price hit its lowest point in seven months and has now entered a downward trend. SHIB is presently trading at $0.000015 per token, according to CoinMarketCap. Following the Shiba Inu price drop to its lowest level in seven months, analysts forecasted that the decline would continue.
Ethereum whale bags 191.8 billion SHIB tokens at dip
Another large SHIB purchase was made by a major Ethereum whale, according to WhaleStats’ crypto data platform.
The owner of the “bluewhale0073” wallet acquired a sum of 191,883,317,886 Sheba 15 hours ago. This amount of cryptocurrency is equivalent to $3,098,915. The same whale, ranked 210th by WhaleStats, bought another significant quantity of this coin on May 10th – almost twice as big as it is presently – 311,816,880,855 SHIB.
Source: https://www.cryptopolitan.com/shiba-inu-army-burns-324-7-million/