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5.4 Billion SHIB Destroyed in 24 Hours, But Price Drops to October 2021 Lows

Fri, 05/20/2022 - 10:30
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Yuri Molchan
Staggering amount of Shiba has been burnt, but price is back to level last seen half a year ago
5.4 Billion SHIB Destroyed in 24 Hours, But Price Drops to October 2021 Lows
Cover image via stock.adobe.com

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Contents

Recent astounding burns of Shiba Inu have not been helping to hold the price up, let alone allowing it to spike.

While almost 6 billion SHIB have been removed from the circulating supply, the price keeps moving in a range, but it remains around 87% below the all-time high reached in October.

On May 19, a whopping 12.4 billion were destroyed, according to the same source.

5.5 billion Shiba Inu incinerated

As reported by @shibburn crypto tracker, over the past 24 hours, various teams within the SHIB army have transferred a total of 5,486,423,670 SHIB to dead-end wallets, thus removing them from circulation forever.

Burning this astounding amount of canine tokens took the community 101 transactions. Since then, several more transfers to unspendable wallets have been made, each carrying a substantial amount of SHIB—55 million, 42 million and 25 million Shiba Inu.

According to the same SHIB burn tracker, by May 19, a whopping 12,421,420,499 SHIB were removed. And after that, within just a single hour, such amounts as 517,551,047, 415,262,335 and 2,653,948,035 Shiba were locked in dead wallets.

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SHIB price drops to October 2021 low

Despite numerous SHIB burns, the price of the token keeps dropping deeper. At the moment, the second largest meme coin is changing hands at $0.00001188. It went at the same price back in October last year before it suddenly soared to a historic peak of $0.00008845.

At press time, Shib is trading nearly 90% below that level.

SHIBpriceCMC_00efwef
Image via CoinMarketCap

New listings of SHIB

Recent listings and expanding adoption have not been helping the price go up either. On May 19, U.S.-based Poloniex exchange announced that it had added support for several new pairs, including SHIB/USDD and DOGE/USDD.

Earlier this year, popular trading app Robinhood also listed Shib after numerous requests from the SHIB army and months of waiting.

Whales continue buying SHIB relentlessly

As reported by WhaleStats yesterday, the owner of one of the top 500 wallets on Ethereum, "BlueWhale0073," made another massive acquisition of Shiba Inu.

This investor bought a total of 110,654,459,259 SHIB worth $1,313,468. He has quickly sold SHIB on a small rise as this meme coin, along with other small cap tokens, now comprises as little as 0.98% of his portfolio.

Overall, SHIB is now the third largest holding. ETH—the biggest one—is followed by FTX Token, USDC stablecoin and Shiba Inu. Whales now own $555.7 million worth of SHIB, or 11.13% of their portfolio.

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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.