Shiba Inu community has burned another substantial chunk of its favorite meme token, removing this large part of SHIB from circulation
The Shib army keeps burning SHIB crypto coins, this time moving nearly half a billion SHIB to “inferno” wallets.
In the meantime, whales are dumping their Shiba Inu, and their holdings of the second largest meme cryptocurrency are shrinking.
450 million SHIB gone for good
Shibburn crypto tracker has announced on its Twitter page that the past 24 hours have been pretty productive for Shib burn initiatives within the community.
Overall, within this period of time, a comprised 449,981,701 SHIB have been sent to dead wallets and locked there permanently.
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It took the burners 29 transactions to achieve this result.
In the past 24 hours, there have been a total of 449,981,701 $SHIB tokens burned and 29 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) May 16, 2022
The burn mechanism was specially designed to allow crypto fans to decrease the circulating supply of their coins by locking them in unspendable addresses to make those coins more scarce. The more scarce a coin gets, the bigger chances it gains to rise in value on the market.
The more $SHIB we burn, the easier it is to push the price higher.
— SHIBA INU (@ShibInfo) May 14, 2022
Whales’ SHIB supply shrinks as they sell
While the community keeps removing SHIB from circulation, whales seem to be losing interest in this meme token. Data shared by WhaleStats crypto tracking platform shows that the supply of SHIB held by the top 100 Ethereum wallets has been decreasing significantly.
Earlier today, WhaleStats reported that Ethereum whales are holding a total of $703,261,525 worth of SHIB.
However, update info from the website of the platform shows that this figure has by now shrunk to $566,404,165 worth of Shiba. That comprises 11.22% of their portfolios.
Last week, SHIB also slid from the number one holding by USD equivalent to spot three. First place on the list is now held by FTX Token (FTT), and the second one belongs to the USDC stablecoin. The choice of whales regarding USDC has probably been caused by the recent collapse of UST stablecoin based on the Terra chain.
ETH whales now hold $967,331,029 worth of FTT (19.17% of their portfolios), while the amount of USDC held in their wallets totals $845,544,217 (16.76% of portfolios).
Source: https://u.today/shib-army-destroys-450-million-shib-as-whales-shiba-balance-shrinks