- As per a Shiba tracker, a massive sum of Shiba Inu has been burnt, and have been eliminated from the circulating supply.
- The biggest burn transaction here consisted of half of the total sum of destroyed Shiba Inu.
- As of this writing, Shiba Inu was trading at a market value of $0.00001074, up by 1.25% during the past 24 hours.
More Shiba Inu Burnt By Shib Army
According to the Shibburn tracker, nearly half a billion Shiba Inu cryptocurrency have been burnt and removed from circulation in the last 24 hours.
Meanwhile, the share of SHIB holdings in the portfolios of the top 100 ETH whales has dipped below 11%. It now stands at $493.6 million as of this writing.
Within the previous 24 hours, a total of 508,825,823 Shiba tokens were destroyed, requiring only 15 transactions from the SHIB Army.
The greatest burn transaction in this area contained approximately half of the entire quantity of SHIB coins burned – 295,559,819 coins.
According to the on-chain statistics platform @WhaleStats, Ethereum investor “BlueWhale0073” has astonished the community once again by completing a massive SHIB buy. He spent $1,562,733 on 147,846,134,326 tokens.
The same investor bought a comparable quantity of meme cryptocurrency on Friday, May 27 – 142,670,797,289 Shiba Inu coins.
What Does This Mean?
The burning of a token is a phenomenon where a certain amount of coins are sent to an address, and the key to the address is eliminated.
This means those coins become lost forever and are eventually eliminated from the circulating supply.
Every time the Shiba Inu is burnt, it diminishes the supply of the coins, therefore, making a positive impact on the price of the coin.
Shiba Inu has a mammoth supply, which makes the price of the cryptocurrency too low, as there is no scarcity.
As of now, Shiba Inu was exchanging hands at a market value of $0.00001074, bullish by 1.25% during the last 24 hours.
ALSO READ: Are Limitations On Cryptocurrency Derivatives By Dutch Officials Necessary
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
