A record amount of meme tokens has been destroyed in the past week, while the SHIB price soared thanks to a totally different event – a listing on Robinhood
Since late last week, nearly 2.5 billion Shiba Inu have been shoveled into dead wallets in a bid to make the second-largest meme token rarer and boost its price.
The price indeed went up roughly 20%, but it was not the numerous token burns that made the SHIB exchange rate spike yesterday.
2.41 billion SHIBs moved to dead addresses
According to tracking platform @shibburn, since the end of last week, several massive amounts of Shiba Inu have been sent to “inferno” wallets, which total 2.41 billion SHIB tokens.
The biggest amount burned within a 24-hour period here was 1,351,643,000 tokens removed from circulation between April 8 and 9.
Other 24-hour “portions” of SHIB incinerated by various burning initiatives included 442 million, 258,294,131 SHIB, and a few other large chunks of burnt tokens. In addition, in the past 24 hours, a total of 324,040,132 Shiba Inu were burned in nine transactions.
SHIB soars 20% on Robinhood listing
On April 12, the popular Robinhood investment app with zero fees made an announcement that it had finally added support for Shiba Inu, as well as Solana (SOL), Polygon (MATIC) and Compound (COMP).
On the announcement of this listing, the SHIB staged an increase of around 20%. The other coins also showed a massive rise.
The SHIB Army had been requesting Robinhood to list its favorite meme token for several month with daily tweets and a petition on Change.org that has collected just over half a billion signatures in support.
Whale buys a whopping amount of SHIB worth $21 million
The WhaleStats Twitter account that shares data for the top 100 wallets on the Ethereum chain has spread the word about another astonishing purchase of Shiba Inu coins by one of the biggest ETH whales.
The owner of the “BlueWhale0073” wallet, which is ranked 12th by WhaleStats, has acquired a whopping 775,473,150,952 SHIB.
This massive meme token purchase cost this whale $20,697,378, and it appears to have been made after Robinhood announced the addition of SHIB.
By now, the wallet of the whale contains zero Shiba Inu, though they likely sold on the massive price rise demonstrated by the canine coin after the listing on Robinhood to gain profit.
