Nearly half a billion meme coins have been destroyed by the SHIB Army as the coin shows a decline
In the past 24 hours, various SHIB burning initiatives have managed to send 463,342,447 Shiba Inu tokens to “inferno” addresses, where they will be locked away permanently, according to the @shibburn Twitter account.
While these burns have been happening, the price of Shiba Inu has shown a plunge of over 10% since yesterday morning, whereas multiple initiatives to reduce the circulating supply of SHIB by burning is supposed to make the price go up.
463.3 million SHIBs destroyed
Token burn tracker @shibburn who only focuses on Shiba Inu and performs large SHIB burns himself, shared that since Thursday morning, 463,342,447 meme pieces have been incinerated.
Burning the equivalent of $11,782 in SHIB has taken 31 transactions to dead-end wallets. The biggest single transfer here was made 21 hours ago, and it carried roughly half the total destroyed amount of SHIB—242,328,377.
SHIB is back on the list of most bought assets
On-chain crypto data tracker WhaleStats focused on the top 100 whales from various chains, including the Ethereum chain and BNB, reported that after some time, SHIB returned to the list of top-bought digital currencies by the most large ETH whales.
At the time of writing, these major investors are holding $1,487,330,378 worth of SHIB—53,601,377,248,813 tokens—which comprise 14.27% of their portfolio.
This is a significant increase from earlier this week, when the whale wallet contained $1.3 billion worth of meme tokens.
In other news, SHIB is in fourth place among the top purchased coins after USDC, ETH and USDT.
“Tolkien’s whale” picks up 175 billion SHIB
As U.Today reported earlier, “Bombur,” one of the top 20 ETH whales, bought 175.2 billion Shiba Inu, paying $4,553,868 for that amount of crypto. The purchase was made in three transfers of 58 billion tokens each, on average. The name comes from a world famous fantasy novel by JRR Tolkien, “The Hobbit: Or, there and back”.
Another whale who has been buying massive amounts of SHIB this year, “Gimli,” got his name from the sequel of “The Hobbit,” “The Lord of The Rings.”
After the purchase, however, the whale sold the majority of the SHIBs he had purchased, according to WhaleStats.
