A major Shiba Inu (SHIB) burner shows in the past 24+ hours, close to 210 million tokens have been destroyed
Major Shiba Inu (SHIB) Burner, @shibburn, tweeted that within about 24 hours, a total of 208.5 million tokens were burned, i.e., removed from SHIB’s circulating supply.
208.53 million Shiba Inu (SHIB) burned within 24+ hours, 161M gone in 1 transfer
The process of “burning crypto” means transferring the digital tokens to a dead-end wallet, where they will live forever and no one can withdraw them or spend those funds.
This is done to reduce the circulating supply, which could theoretically push up the price of the coin as the asset becomes more scarce in the market.
As of Sunday morning, various burn initiatives within the SHIB Army have moved 208.53 million Shiba Inu tokens to “hell” addresses. That equates to $5,544 at the current SHIB/USD exchange rate.
The biggest transfer in this burn change has yielded a whopping 161,397,653 SHIB.
— Shibburn (@shibburn) April 4, 2022
On Sunday, April 3, online data tracker WhaleStats reported that the third-largest wallet on the Ethereum blockchain, named “Tsunade”, executed a staggering 86,811,666,383 tokens.
That amount of meme tokens constituted $2,305,717 at the time of the purchase. The wallet holds more than $3.5 billion worth of various ETH-based tokens, and the biggest share belongs to American Born Doge (USDOGE, 23.07%) worth $1,915,414,660.
🐋 ETH whale “Tsunade” just bought 86,811,666,383 $shib ($2,305,717 USD).
Ranked #3 on WhaleStats: https://t.co/bUMOU6WFJh
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) April 2, 2022
Prior to that, a whale called “Bombur” (after a dwarf in the iconic fantasy book “The Hobbit” by J.R.R. Tolkien, who went with Bilbo Baggins and Thorin the OakenShield to the Lonely Mountain) grabbed a smaller but still substantial amount of SHIB: 58,505,930,053 tokens.
This sale of “Bombur” comes after he bought 175 billion Shiba Inu earlier this week. At the time of writing, this 19th-ranked whale holds some $1,901,892,860 worth of ETH tokens, excluding SHIB, all of which he appears to have discarded.
- This Whale Continues Buying SHIB And Has Also Added 5,465 AAVE After Acquiring 175 Billion Shiba Inu
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