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25.6 Million SHIB Gone in Last 24 Hours, Report Says

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Thu, 01/06/2022 - 09:10
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Yuri Molchan
A recent report shows that over the last 24 hours, almost 26 million SHIB have been burned with twice as much destroyed in the past few days
25.6 Million SHIB Gone in Last 24 Hours, Report Says
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A Twitter account that follows transactions that burn SHIB has announced that, over the past day, an amount of crypto close to 26 million Shiba Inu tokens have been burned.

Community burns 25.6 million SHIB coins

According to data from etherscan shared by the @shibburn account, over the course of nine major transactions, a total of 25,612,598 SHIB tokens have been moved to a null wallet, from which these coins can be neither withdrawn nor spent; therefore, they are removed from circulation for good.

The funds were "burned" in lumps of 10,716,185; 4,312,431; 2,400,000 SHIB and some smaller ones.

Up to now, an overall amount of 410,300,613,625,600 Shiba Inu tokens have been burned—that is slightly over 41% of the circulation amount. Meanwhile, the total emission equals a staggering quadrillion SHIB.

Figures from etherscan also indicate that in the past several days, a total of 58.9 million SHIB have been sent to the unspendable wallet.

Related
Key Reasons Why Bitcoin Just Tanked to $42K

SHIB whales scoop up $300 million in Shiba Inu

As reported by U.Today earlier this week, SHIB whales have purchased a whopping $300 million worth of the second-largest canine cryptocurrency. Thus, SHIB again prevails over FTX as the largest holding of the largest wallets on the Ethereum blockchain.

Earlier, FTX token won first place as the token with the largest USD value in whales' wallets. However, by now, first place has gone back to Shiba Inu.

At press time, SHIB is trading at $0.00002991 after dropping almost 9%, following Bitcoin's crash to the $42,000 level on Jan. 5.

It was not only Shiba Inu but the whole cryptocurrency market that has followed Bitcoin into the red zone.

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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.