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Shiba Inu Army Destroys 1 Billion Meme Tokens Over Last 48 Hours: Report

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Sat, 05/14/2022 - 20:00
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Yuri Molchan
An amount close to one billion Shiba Inu has been sent to unspendable wallets over the last two days
Shiba Inu Army Destroys 1 Billion Meme Tokens Over Last 48 Hours: Report
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In the last 48 hours, the vast SHIB army has removed almost one billion meme tokens from total amount of Shiba Inu that is circulating in the market, according to data shared by @shibburn.

This platform tracks burn transactions and destroys SHIB itself from time to time.

In the meantime, a whale has bought a new massive portion of Shiba Inu.

950 million Shiba burned

According to tweets shared by the aforementioned service, over the past 24 hours, the Shiba community has transferred a total of 948.6 million SHIB to dead-end wallets.

Within the first 24 hours, they removed 607,530,847 SHIB and then 341,113,385 Shiba Inu was sent to unspendable wallets and locked there permanently.

When converted to USD, in fiat 950,000,000 SHIB is not as big as it is in crypto, though - $11,058 at the current exchange rate.

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Whale acquires 110 billion SHIB

While some are doing their best to remove more and more SHIB tokens from circulation, hoping to eventually see the price skyrocket, whales continue to buy SHIB on the dip and sell it later on after even a slightest rise.

According to WhaleStats, a large Ethereum investor, whose wallet is titled "BlueWhale0073", has purchased an equivalent of $1,408,176 in SHIB – 109,842,128,610 meme coins.

The whale has already sold the majority of SHIB he had bought as the meme token is included in the smallest fraction of his portfolio – 0.42 percent worth $37,794 – along with other tokens: HEX, DAI, etc.

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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.