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463.3 Million SHIB Burned, But SHIB Price Still Goes Down

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Fri, 04/01/2022 - 13:33
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Yuri Molchan
Nearly half a billion meme coins have been destroyed by the SHIB Army as the coin shows a decline
463.3 Million SHIB Burned, But SHIB Price Still Goes Down
Cover image via stock.adobe.com

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Over the past 24 hours, various SHIB burn initiatives have managed to send 463,342,447 Shiba Inu tokens to "inferno" addresses, where they will be locked up on a permanent basis, according to @shibburn Twitter account.

While these burns have been happening, the price of Shiba Inu has shown a plunge of over 10% since yesterday morning, whereas multiple initiatives to reduce the circulating supply of SHIB by burning is supposed to make the price go up.

463.3 million SHIB destroyed

The @shibburn token burn tracker that is focused on Shiba Inu only and conducts big SHIB burns itself, has shared that since Thursday morning, a comprised 463,342,447 meme coins have been incinerated.

Burning the equivalent of $11,782 in SHIB has taken 31 transactions to dead-end wallets. The biggest single transfer here was made 21 hours ago, and it carried roughly half the total destroyed amount of SHIB—242,328,377.

SHIB is back on list of most purchased assets

WhaleStats crypto on-chain data tracker focused on 100 top whales on various chains, including Ethereum and BNB chain, has reported that after a while, SHIB returned to the list of the most-purchased digital currencies by the largest ETH whales.

At the time of writing, these major investors are holding $1,487,330,378 worth of SHIB—53,601,377,248,813 tokens—which comprise 14.27% of their portfolio.

That is a significant rise from earlier this week, when whales' portfolio held $1.3 billion worth of meme tokens.

In other news, SHIB is in fourth place among the top purchased coins after USDC, ETH and USDT.

Related
175 Billion SHIB Bought by Another "Tolkien Whale" on the Dip: Report

"Tolkien whale" scoops up 175 billion SHIB

As reported by U.Today earlier, a top 20 ETH whale, "Bombur," bought 175.2 billion Shiba Inu, paying $4,553,868 for that amount of crypto. The purchase was made in three transfers of 58 billion tokens each, on average. The name comes from a world-famous fantasy novel by J.R.R Tolkien, "The Hobbit: Or, There and Back Again."

Another whale who has been buying massive amounts of SHIB this year, "Gimli," got his name from the sequel of "The Hobbit," "The Lord of The Rings."

After the purchase, however, the whale sold the majority of SHIB he had bought, according to WhaleStats.

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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.