The Shiba Inu community has burned another big chunk of their favorite meme tokens, taking this large chunk of SHIB out of circulation
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- 450 million SHIB gone for good
- SHIB supply of whales shrinks as they sell out
The Shib army continues to burn SHIB crypto coins, this time transferring almost half a billion SHIB to the “Inferno” wallet.
Meanwhile, whales are dumping their Shiba Inu, and their holdings of the second-largest meme cryptocurrency are shrinking.
450 million SHIB gone for good
The Shibburn Crypto Tracker announced on its Twitter page that the past 24 hours have been quite productive for the Shibburn initiative within the community.
In all, within this period, a total of 449,981,701 SHIBs have been sent to the dead wallet and permanently locked.
The burner had to make 29 transactions to achieve this result.
In the last 24 hours, a total of 449,981,701 . have been $SHIB Token burn and 29 transactions. Visit https://t.co/t0eRMnyZel to see the total #shib Token burn, circulating supply, and more. #shibarmi
— shibburn (@shibburn) 16 May 2022
The burn mechanism was specifically designed to allow crypto fans to reduce the circulating supply of their coins by locking them at non-spendable addresses to make those coins more scarce. The more rare a coin is, the more likely it is to increase in value in the market.
More $SHIB We get burned, the easier it is to push the price higher.
— Shiba Inu (@ShibInfo) 14 May 2022
SHIB supply of whales shrinks as they sell out
While the community continues to remove SHIB from circulation, it seems that whales are losing interest in this meme token. Data shared by the WhaleStats crypto tracking platform shows that the supply of SHIB held by the top 100 Ethereum wallets has decreased significantly.
Earlier today, WhaleStats reported that Ethereum whales held a total of $703,261,525 worth of SHIB.
However, updated information from the platform’s website shows that this figure has now reached the price of Shiba at $566,404,165. This comprises 11.22% of his portfolio.
Last week, SHIB also slipped from the number one holding of the USD to the third position. The first place on the list is now held by the FTX token (FTT), and the second is held by the USDC stablecoin. Whale’s choice with respect to USDC is probably due to the recent collapse of the UST stablecoin based on the Terra Chain.
ETH whales now hold $967,331,029 worth of FTT (19.17% of their portfolio), while the total amount of USDC held in their wallet is $845,544,217 (16.76% of their portfolio).