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Shib Army Destroys 450 Million SHIB as Whales' Shiba Balance Shrinks

News
Mon, 05/16/2022 - 12:55
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Yuri Molchan
Shiba Inu community has burned another substantial chunk of its favorite meme token, removing this large part of SHIB from circulation
Shib Army Destroys 450 Million SHIB as Whales' Shiba Balance Shrinks
Cover image via stock.adobe.com

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Contents

The Shib army keeps burning SHIB crypto coins, this time moving nearly half a billion SHIB to "inferno" wallets.

In the meantime, whales are dumping their Shiba Inu, and their holdings of the second largest meme cryptocurrency are shrinking.

450 million SHIB gone for good

Shibburn crypto tracker has announced on its Twitter page that the past 24 hours have been pretty productive for Shib burn initiatives within the community.

Overall, within this period of time, a comprised 449,981,701 SHIB have been sent to dead wallets and locked there permanently.

It took the burners 29 transactions to achieve this result.

The burn mechanism was specially designed to allow crypto fans to decrease the circulating supply of their coins by locking them in unspendable addresses to make those coins more scarce. The more scarce a coin gets, the bigger chances it gains to rise in value on the market.

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Whales' SHIB supply shrinks as they sell

While the community keeps removing SHIB from circulation, whales seem to be losing interest in this meme token. Data shared by WhaleStats crypto tracking platform shows that the supply of SHIB held by the top 100 Ethereum wallets has been decreasing significantly.

Earlier today, WhaleStats reported that Ethereum whales are holding a total of $703,261,525 worth of SHIB.

However, update info from the website of the platform shows that this figure has by now shrunk to $566,404,165 worth of Shiba. That comprises 11.22% of their portfolios.

Last week, SHIB also slid from the number one holding by USD equivalent to spot three. First place on the list is now held by FTX Token (FTT), and the second one belongs to the USDC stablecoin. The choice of whales regarding USDC has probably been caused by the recent collapse of UST stablecoin based on the Terra chain.

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Image via WhaleStats

ETH whales now hold $967,331,029 worth of FTT (19.17% of their portfolios), while the amount of USDC held in their wallets totals $845,544,217 (16.76% of portfolios).

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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.