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2.41 Billion SHIB Burned Over Past Week, Making Circulating Supply Shrink

News
Wed, 04/13/2022 - 09:29
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Yuri Molchan
A record amount of meme tokens has been destroyed in the past week, while the SHIB price soared thanks to a totally different event – a listing on Robinhood
2.41 Billion SHIB Burned Over Past Week, Making Circulating Supply Shrink
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Contents

Since the end of last week, almost 2.5 billion Shiba Inu have been shoveled to dead wallets in an attempt to make the second biggest meme token more scarce and lift its price.

The price indeed went up roughly 20%, but it was not the numerous token burns that made the SHIB exchange rate spike yesterday.

2.41 billion SHIB moved to dead addresses

According to @shibburn tracking platform, since the end of last week, several massive amounts of Shiba Inu have been sent to "inferno" wallets, which add up to a comprised 2.41 billion SHIB tokens.

The biggest amount burned within a 24-hour period here was 1,351,643,000 tokens removed from circulation between April 8 and 9.

Other 24-hour "portions" of SHIB incinerated by various burn initiatives included 442 million, 258,294,131 SHIB and a few other big lumps of tokens burned. Besides, in the past 24 hours, a total of 324,040,132 Shiba Inu have been burned in nine transactions.

Related
Robinhood’s Focus on Meme Coins: 41 Billion DOGE Held, SHIB Added Today

SHIB soars 20% on Robinhood listing

On April 12, the popular Robinhood investment app with zero fees made an announcement that it had finally added support for Shiba Inu, as well as Solana (SOL), Polygon (MATIC) and Compound (COMP).

On the news of this listing, SHIB staged a rise of around 20%. The other coins also demonstrated a massive rise.

The SHIB Army had been requesting Robinhood to list its favorite meme token for several month with daily tweets and a petition on Change.org that has collected just over half a billion signatures in support.

Whale buys staggering sum of SHIB worth $21 million

WhaleStats Twitter account that shares data related to the top 100 wallets on Ethereum chain has spread the word about yet another astounding purchase of Shiba Inu coins by one of the largest ETH whales.

The owner of the "BlueWhale0073" wallet, which is ranked 12th by WhaleStats, has acquired a whopping 775,473,150,952 SHIB.

This significant purchase of meme tokens cost this whale $20,697,378, and it seems that it was made after Robinhood announced the addition of SHIB.

By now, the wallet of the whale contains zero Shiba Inu, though they likely sold on the massive price rise demonstrated by the canine coin after the listing on Robinhood to gain profit.

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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 yuri.molchan@u.today.