Main navigation

SHIB Army Burns 1.4 Billion Shiba, Removing 1 Billion in Single Transfer

News
Thu, 05/05/2022 - 10:20
article image
Yuri Molchan
Another significant portion of circulating SHIB tokens has been removed and locked up permanently
SHIB Army Burns 1.4 Billion Shiba, Removing 1 Billion in Single Transfer
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

As reported by @shibburn cryptocurrency tracker, over the past 24+ hours, nearly 1.5 billion Shiba Inu have been destroyed by getting sent to dead wallets and locked there for good.

Burning SHIB (or any other tokens) allows for diminishing the overall circulating supply in an attempt to help the price go up. Multiple initiatives are working on burning as much SHIB as possible at the moment in order to significantly reduce the amount of coins in circulation.

1.4 billion Shiba removed, while whales keep buying them

As per a recent tweet posted by @shibburn, the overall amount of Shiba burned in the past 24 hours constitutes 1,408,069,572 tokens.

This result was achieved by conducting more than 55 transactions. The largest single transfer moved a staggering 1,408,069,572 SHIB to an "inferno" wallet eight hours ago, and it was made from the 0xffd50e51186fce01bd8c386a0202080255996fbd address.

The burn rate of Shiba Inu has seen a 453.25% rise over the past 24 hours. The current supply in circulation amounts to 552,480,492,362,785 tokens, while 410,338,867,258,518 SHIB have been burned in total.

shibburnrate_00uionm,i890_789re
Image via Shibburn

Earlier this week, U.Today reported that over 700 million Shiba were burned within 24 hours. Such big SHIB burns in such a short period of time have been taking place seldom recently, and much smaller amounts have been burnt.

While the community is trying hard to burn Shiba Inu tokens, whales are acquiring large amounts of them to make a profit from buying low and selling high.

Earlier today, two large ETH whales purchased 130.5 billion SHIB. One of them currently holds over 1 trillion of these popular canine tokens.

Related
1 Trillion SHIB Whales Grab Another 130.5 Billion Shiba: Report

Global real estate investment company accepts SHIB

Earlier, U.Today covered that Digital Currency Group's partner, Jamestown, began to accept SHIB, Dogecoin and other cryptos after partnering with payments processor BitPay.

The company, focused on the investment and management of real estate, intends to start accepting cryptocurrencies for rent in the U.S., while also eyeing an expansion to the European market.

According to Michael Phillips, the president, adoption of cryptocurrencies is the company's first step in the integration of innovations related to the digital sphere.

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.