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.
SHIB is currently trading at $0.0000117; the price last seen in October 2021 | Source: SHIB/USD price chart from Tradingview.com
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.
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