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316 Million SHIB Burned in 2 Days, While SHIB Surpasses FTT on Top 10 Holdings List

Thu, 06/16/2022 - 09:28
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Yuri Molchan
While Shib has succeeded in surpassing FTX in whales' wallets, community has destroyed massive amount of coins within 2 days
316 Million SHIB Burned in 2 Days, While SHIB Surpasses FTT on Top 10 Holdings List
Cover image via www.freepik.com

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Over the past two days, the Shiba Inu community has gotten rid of a substantial amount of SHIB, locking them in unspendable wallets.

In the meantime, the second largest canine crypto has surpassed its regular superior, FTX Token, in the 10th spot among the largest crypto holdings by USD value over the past 24 hours.

316 million SHIB burned

Over the past two days, the SHIB army has shifted a total of 315.7 million Shiba Inu canine coins to dead-end wallets, removing them from the overall SHIB supply circulating out there at the moment.

In the past 24 hours, various burn projects transferred 75,737,142 coins, taking 11 transactions to lock that many SHIB. On June 14, the amount of SHIB burned over 24 hours comprised more than a quarter of a billion—239,535,584 Shiba Inu.

Burning tokens is a normal practice in the crypto space as it is a foolproof method to reduce the circulating amount of cryptos and thus increase the odds of its price surging in the long term.

SHIB burns take place on a regular basis, with multiple projects burning as many meme coins as they can afford to buy.

Related
Shiba Inu (SHIB) Price Suddenly Spikes 14%. Here's Why

SHIB surpasses FTX as whales' top holding

WhaleStats on-chain data platform, which is focused on the top 100 wallets on Ethereum, BSC, Polygon and other chains, has spread the word about Shiba Inu swapping places with a coin that usually holds one spot higher than SHIB on the list of ETH whales' top 10 holdings.

This time, Shiba has surpassed FTX Token (FTT), the native coin of the popular U.S.-based FTX exchange. However, along with this, the total amount of SHIB held by these whales has dropped slightly below $400 million, reaching a negative milestone. SHIB is now sitting in third place, with FTT holding fourth place.

As of this writing, the top 100 whales on Ethereum chain hold $391,244,610 worth of Shiba Inu, while this amount used to exceed $500 million, or even $1 billion, before the bear market started and the SHIB price made a significant move downward.

As for FTX Token, the total amount of this this coin owned by whales at present is $328,626,696 in FTT, which is 9.28% of their comprised portfolio. As for SHIB, it constitutes 11.7% of it.

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Image via WhaleStats

Despite FTT sort of losing popularity with whales, the owner of the "BlueWhale0079" wallet, who has bought roughly 500 billion SHIB this month, has acquired 250,000 FTX, evaluated at $6,112,500.

This whale is currently ranked 410th, according to the WhaleStats scale.

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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.