201.7 Million Shiba Inu (SHIB) Tokens Burnt in the Past 24 Hrs

• 651k Shiba Inu (SHIB) tokens have been burnt in the past 3 hours.
• Shiba Inu is down by 2.64% in the last 24h. 

According to the recent tweet from SHIB Burn, the blockchain’s native burn tracker system, 201,786,888 Shiba Inu (SHIB) tokens were burnt in the last 24 hours. This burn was initiated over 17 transactions initiated by anonymous wallets.

As per the official SHIB Burn website, an anonymous wallet moved 651,505 SHIB tokens to the dead wallet in a single transaction. This burn transaction was initiated around 03:37:52 AM +UTC today.

Conferring More Scarcity To SHIB

Ryoshi’s SHIB team launched their native Shib Burn Portal in late April to burn existing SHIB tokens in order to reduce the circulating supply. The team believed that “scarcity can increase the price of the tokens”.

The official data of the burn portal stated that  410,366,901,284,437 SHIB tokens in total were burnt and shifted onto the dead wallets. Burnt SHIB tokens can never be retrieved from these dead wallets and thereby making Shiba Inu (SHIB) a scarce token. Moreover, the team continues to believe that this scarcity might cause the token’s value to surge. 

The Dogekiller caught the attention of one of the top 500 ETH whales. BlueWhale0073 acquired nearly $1.56 million USD worth SHIB. Despite the token’s bearishness, investors continue to look out for the memecoin.

The price of this memecoin spiked shortly by 2.64% in the last 24 hours. The market value of the second largest memecoin rose up 2.42% in the last 24 hours from $5.94 billion USD to $6.08 billion USD. According to CoinMarketCap, at the time of writing, SHIB traded at $0.00001110 USD. 556,125,167,783,870 SHIB tokens are in supply.

Apart from the burn update, the recent activity of Shiba Inu’s pseudonymous founder Ryoshi of wiping out his tweets and blogs, raised even more speculations among the SHIB community.