A record amount of meme tokens have been destroyed in the past week, while the price of SHIB has soared due to an entirely different event – a listing on Robinhood.
Since late last week, nearly 2.5 billion Shiba Inu have been thrown into the dead wallet in an attempt to make the second-largest meme token more rare and increase its price.
The price actually went up about 20%, but it wasn’t the many token burns that drove the SHIB exchange rate up yesterday.
2.41 billion SHIB moved to the dead address
@shibburn According to the tracking platform, since the end of last week, a large amount of Shiba Inu has been sent to the “Inferno” wallet, which holds 2.41 billion SHIB tokens in total.
Here the largest amount burned within a 24-hour period was 1,351,643,000 tokens that were taken out of circulation between April 8 and 9.
The other 24-hour “chunks” of SHIB were consumed by various burn initiatives, including 442 million, 258,294,131 SHIB and some other large lumps of tokens burned. Furthermore, in the last 24 hours, a total of 324,040,132 Shiba Inu have been burned in nine transactions.
Total 324,040,132 in last 24 hours. Has happened $SHIB Token burn and 9 transactions. Visit https://t.co/t0eRMnyZel to see the total #shib Token burn, circulating supply, and more. #shibarmi
— shibburn (@shibburn) 13 April 2022
SHIB up 20% in Robinhood listings
On April 12, the popular Robinhood investment app with zero fees made an announcement that it has finally added support for the Shiba Inu, as well as Solana (SOL), Polygon (Matic) and Compound (COMP).
SHIB staged a gain of about 20% on news of this listing. Other coins also showed huge growth.
The SHIB military had been requesting Robinhood for several months to list their favorite meme tokens with daily tweets and a petition on Change.org that has gathered just over half a billion signatures in support.
Whale bought a staggering amount of SHIB for $21 million
The WhaleStats Twitter account that shared data relating to the top 100 wallets on the Ethereum chain has spread hype about another surprise purchase of Shiba Inu coins, one of the largest ETH whales.
The owner of the “bluewhale0073” wallet, which is ranked 12th by WhaleStats, has acquired 775,473,150,952 SHIB.
This significant purchase of the meme token cost this whale $20,697,378, and it appears to have been created after Robinhood announced the addition of SHIB.
So far, whale wallets contain zero Shiba Inu, although they are likely to be sold at the massive price increase displayed by Canine Coins after being listed on Robinhood to make a profit.
ETH whale “bluewhale0073” just bought 775,473,150,952 $shibo ($20,697,378 USD).
Ranked #12 on WhaleStats: https://t.co/RBupemZyZX
Transactions: https://t.co/6w1imobFv5#shib #sibsena
– WhaleStats – BabyWhale ($BBW) (@WhaleStats) 13 April 2022