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208.53 Million SHIB Burned within 24+ Hours, 161 Million Gone in One Transfer

Mon, 04/04/2022 - 14:15
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Yuri Molchan
Recent data from a major SHIB burner shows that in the past 24+ hours, close to 210 million tokens have been destroyed
208.53 Million SHIB Burned within 24+ Hours, 161 Million Gone in One Transfer
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Major SHIB burner @shibburn has tweeted that within about 24 hours, a total of 208.5 million Shiba Inu meme tokens have been incinerated, i.e., removed from the circulating supply of SHIB.

208.5 million SHIB locked up

The process of "burning crypto" means moving digital tokens to dead-end wallets, where they will remain forever and nobody will be able to withdraw them or otherwise spend those funds.

This is done in order to reduce the circulating supply, which in theory can push the coin's price up as the asset becomes more scarce in the market.

Since Sunday morning, various burn initiatives within the SHIB Army have moved 208.53 million Shiba Inu tokens to "inferno" addresses. That is the equivalent of $5,544 at the present SHIB/USD exchange rate.

The largest transfer in this change of burns has carried a whopping 161,397,653 SHIB.

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86.8 trillion SHIB grabbed by third biggest whale

On Sunday, April 3, WhaleStats on-chain data tracker reported that the third biggest wallet on the Ethereum blockchain, titled "Tsunade," made an acquisition of an astounding 86,811,666,383 Shiba Inu tokens.

That amount of meme tokens constituted $2,305,717 at the time of the purchase. The wallet holds more than $3.5 billion worth of various ETH-based tokens, and the biggest share belongs to American Born Doge (USDOGE, 23.07%) worth $1,915,414,660.

Prior to that, a whale called "Bombur" (after a dwarf in the iconic fantasy book "The Hobbit" by J.R.R. Tolkien, who went with Bilbo Baggins and Thorin the OakenShield to the Lonely Mountain) grabbed a smaller but still substantial amount of SHIB: 58,505,930,053 tokens.

This purchase by "Bombur" occurred after he had purchased 175 billion Shiba Inu earlier in the week. At the time of writing, this 19th-ranked whale holds a comprised $1,901,892,860 worth of various ETH tokens, excluding SHIB, all of which he has apparently gotten rid of.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at