Main navigation

29 Million SHIB Burnt Over Last 24 Hours Amid 17% Weekly Fall

Mon, 02/28/2022 - 09:22
article image
Yuri Molchan
Another large portion of Shiba Inu tokens has been taken out of circulation, while the coin shows 17% plunge in the past week
29 Million SHIB Burnt Over Last 24 Hours Amid 17% Weekly Fall
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News
Contents

A recent report provided by @shibburn tracking service has it that in the past 24 hours, 21.7 million SHIB have been sent to several dead-end digital wallets. Aside from tracking SHIB burn transactions, this company destroys tokens as well.

Besides, another SHIB burn platform has reported that they have incinerated 6.5 million coins as of late. In the meantime, the price of the second biggest canine cryptocurrency by market capitalization, Shiba Inu, has lost around 17%.

29 million SHIB gone for good

@shibburn Twitter account has shared that within the last 24 hours, a total of 21,731,142 SHIB tokens has been removed from circulation. Another 1,882,892 SHIB was burned over the past hour.

These SHIB were transferred to dead wallets, where they are now locked permanently without the chance to be spent or withdrawn to another address. It took 12 transactions to move those SHIB to the unspendable wallets.

The Shibburn platform aggregates data on SHIB burn transfers from etherscan tracker and puts it on their website to be accessed easily.

Beyond that, another team of SHIB burn enthusiasts has reported destroying around 7.5 million SHIB.

152.4 million SHIB burned last week

As reported by U.Today on Sunday, last week, a total of 152,439,298 Shiba Inu tokens were moved to "inferno" wallets and locked up there permanently.

Related
31.99% Of Circulating DOGE Supply Held by Robinhood: Report

ETH whales buy 105.8 billion SHIB on the dip

According to data provided by TradingView, over the past week, the Shiba Inu price has plummeted by almost 17%, dropping from $0.00002738 to $0.00002323. By now, SHIB has gained 6.27% and is trading at $0.00002420 on the Binance exchange.

SHIBfall13%_001
Image via TradingView

On Feb. 25, two major Ethereum whales acquired a total of 105.8 billion Shiba Inu. Those were whales ranked 1st and 12th by the WhaleStats data platform. Those investors bought 50 billion and 55.8 billion worth of SHIB while the price was dipping.

article image
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.