Over the last 24 hours, a shocking 13 billion SHIB amount has been taken from the systemic circulatory supply. This is due to the fact that the coins are being sent out to non-existent wallets, as @Shibburn from the ShibaInu transaction tracker tweeted. In order to keep the supply low, the platform also burns Shiba Inu.
The majority of the massive SHIB amount was consumed in less than an hour.
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Shibburn shared in a tweet that 10,028,551,985 Shiba Inu coins had been transferred to non-spendable wallets on six exchanges just hours before. This amount of SHIB equals $123,551.
It tweet reads;
The last hour has seen 6 transactions, 10,028,551,985$SHIB tokens being burned, and a total of 10 028,551,985 $SHIB coins.
A single transaction by a anonymous cryptocurrency wallet cost 10 billion SHIB. It was the biggest single transaction of Shiba inu since its start.
Although the number is alarming, the platform has been making progress towards containing it. The platform had tweeted before this news that 2,677,017.916 Shib were trapped in unspendable wallets. These transactions took 92.
Shibburn tweeted;
Over the last 24 hour, 2,677,017.916 #SHIB tokens were burned, and there were 92 transactions. You can visit https://shibburn.com for more information about the #SHIB tokens in circulation, burned totals, and other details.
The Shibburn project’s website reports that the burn rate of SHIB has increased by 5,189.09%.
These are addresses with no incoming or outgoing cryptocurrency transactions over the past several years. While they contain funds in all cases, the majority of dead-end wallets will never see any transactions.
SHIB Prices Not Affected By Burns
Shibburn says that the current total number of Shiba Inu’s burned is 410 355,298,103 5,517 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.
The cryptocurrency’s circulating supply decreases and the price will rise.
Whales Purchase The Dip
SHIB tokens are being tried to be removed from circulation by some people so that the price goes up. However, whales will continue to purchase SHIB coins at low prices and then later sell them when the price rises.
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This is 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.
You can find more information here 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 Chart from Tradingview.com