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SHIB Army Burns 324.7 Million Shiba in Past 24 Hours, Report Says

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Wed, 05/11/2022 - 09:07
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Yuri Molchan
Over quarter of a billion SHIB have been pushed out of circulation by the community of Shiba Inu token lovers
SHIB Army Burns 324.7 Million Shiba in Past 24 Hours, Report Says
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According to a recent tweet posted by @shibburn platform, focused on burning SHIB and tracking burn transfers of this meme token from Etherscan, over the past 24 hours, the Shiba Inu community has sent 324.7 million SHIB to unspendable wallets.

These addresses hold tokens locked without leaving a chance of withdrawing or spending them in any other manner.

324.7 million Shiba burned

The tweet by @shibburn says that a total of 324,735,210 Shiba Inu has been removed from the circulating supply and locked in dead wallets, thus making the second largest meme cryptocurrency a little more scarce.

This result was achieved after 27 transactions. The largest of them was made by Shibburn itself as they sent 123,456,789 canine tokens to a dead wallet.

The updated figure on the shibburn website shows that the amount of tokens extracted from the circulating supply permanently over the past 24 hours is now 350,650,730, with a burn rate increase of 338.20% compared to 70 million burned previously.

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Whale buys 191.8 billion SHIB

WhaleStats crypto data platform has spotted another massive SHIB amount bought by a major Ethereum whale.

Fifteen hours ago, the owner of the "BlueWhale0073" wallet acquired a total of 191,883,317,886 Shiba. This amount of crypto equals $3,098,915. On May 10, the same whale, who is ranked 210th by WhaleStats, bought another massive chunk of this coin, nearly twice as big as the one today – 311,816,880,855 Shiba.

Together with him, the whale "Bombur" bought 60,606,002,938 SHIB. Now his wallet contains $20,781,068 worth of Shiba Inu tokens.

On May 9, this whale added 56,946,679,217 SHIB to his stash.

At the time of writing, Shiba is changing hands at $0.00001516 after an almost 10% decline in the past 24 hours and after dropping 27.39% in the past week.

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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.