SHIB army destroyed mind-blowing chunk of meme coins earlier this week
- Three billion SHIB burned instantly
- Major new SHIB whale emerges
Earlier this week, a record amount of SHIB was transferred to a dead-end wallet and out of circulation permanently. Yet, the total circulating supply of this popular dog-themed cryptocurrency has decreased only a tiny bit.
Three billion SHIB burned instantly
Three days ago, a total of 3,016,073,367 Shiba Inu was moved to an “inferno” wallet from adress -e2433. This transaction pushed the SHIB burn rate up by a whopping 26,450%, according to data provided by the Shibburn platform.
Since then, the community has so far been unable to beat that small record as the SHIB burn rate over the past two days has been in decline.
According to the same source, there are 574,281,290,431,820 SHIB circulating in the market at the moment, and a total of 410,642,031,588,420 Shiba Inu meme coins have been burned for good.
Burning ensures the decline of a coin’s circulating supply – the more coins get burned, the more scarce and deflationary this crypto becomes. This increases its chances for large price growth when the majority of the circulating supply is removed. However, despite the fact that the SHIB army has already locked around half of the original one quadrillion SHIB supply, the price remains unaffected. Recently, it even added the fifth zero.
At the time of this writing, Shiba Inu is changing hands at $0.000008799, according to figures provided by CoinMarketCap.
Major new SHIB whale emerges
As reported by U.Today earlier, an anonymous wallet received four consecutive transactions, carrying four trillion SHIB each, according to Whale Alert reports. This whale ended up owning an astounding 20 trillion Shiba Inu coins; this turned him into the fifth largest SHIB whale in the crypto space.
However, he also received more than three billion DOGE prior to that. Now this wallet is the fifth largest holder of both SHIB and Dogecoin.