Over half a billion Shiba Inu will be destroyed later today, while almost 33 million SHIB have been incinerated in the last 24 hours in an attempt to impact the price
The Shiba Inu community continues to burn SHIB regularly, intending to reduce circulating supply as SHIB’s scarcity allows its price to skyrocket to the much-anticipated $0.01+ level.
In the past 24 hours, another 33 million tokens have been destroyed and, later today, a major SHIB burning business intends to send almost 600 million meme coins to an unspendable wallet.
595.7 million SHIB prepared for burning
The @shib_superstore Twitter account announced that they had purchased an impressive 595,729,782 SHIB tokens to incinerate later today at a scheduled Shiba Inu burn event.
A screenshot with this amount of meme tokens was shared in a tweet, which was pinned later on. This sum in digital tokens constitutes $13,356.
The team behind this Twitter account, which represents Travis Johnson’s SHIB burning games, pointed out that SHIBs were purchased with profits from advertising in some of their mobile games.
As per an earlier tweet, the company added $4,000 to the cash pile to buy SHIB with in March. That is the equivalent of 178,491,744 canine tokens.
Nearly 33 million tokens burned since yesterday morning
Another SHIB burning company, @shibburner, which also accumulates data on Etherscan SHIB burning transfers and publishes it on its website, reported that in the past 24+ hours, 32.08 million Canine crypto tokens have been locked in dead-end addresses. and therefore permanently withdrawn from circulation.
Whales keep buying billions of SHIB
As reported by U.Today earlier, an anonymous crypto whale had spent a whopping $6,086,838 on SHIB, laying his hands on 271,370,420,624 tokens.
Another 50 million SHIBs were acquired by another whale the day before. Big crypto investors (whales; WhaleStats shares these transactions on Twitter and accumulates data on the top 100 ETH wallets that own around $400 million worth of altcoins, including Ethereum) have most likely bought massive amounts of SHIB to profit short-term transactions of this canine cryptocurrency.
Despite the recent 35% decline in SHIB profitability, according to IntoTheBlock analytics vendor, as the token’s price is roughly 75% below the October all-time high, whales are still profiting from SHIB.
While 61% of Shiba Inu owners are out of the money, 3% are still in the money so far.
