By destroying SHIB tokens, users permanently remove them from the circulating supply
The recently launched Shiba Inu Engraving Portal continues to gain immense traction just 48 hours after launch. In the first 24 hours after its launch, the official SHIB Twitter account reported that eight billion tokens had been burned as SHIB owners burned their tokens en masse.
Presently, reports indicate that more than 15 billion SHIB tokens have been burned since the portal started operations on Sunday. By destroying SHIB tokens, users permanently remove them from the circulating supply by transferring them to a burn address. In this way, it is possible to make the token a little more scarce, which could potentially boost the token’s price.
Shiba Inu also announced that any project can use the Shiba Burn Smart Contract to create a “BURN Pool” and offer rewards for burning SHIB tokens, opening up the benefit to users and projects associated with SHIB burns.
Shiba Inu large transactions rise 414% as whales keep buying
IntoTheBlock analytics team reports a rise in the volume of on-chain Shiba Inu transactions greater than $100,000 as whales continue to accumulate.
Large transaction spikes are often associated with increased activity by institutional players, or whales, buying or selling. These transactions exceed $100,000 moved, according to IntoTheBlock, and have increased 414% in the past 24 hours for Shiba Inu.
WhaleStats reports another large SHIB purchase as Ethereum whale “BlueWhale0073” continues scooping up Shiba Inu, purchasing the meme token in the billions. His most recent purchase of the canine cryptocurrency was almost 5x bigger than the one made last week.
In the past few hours, “BlueWhale0073” has caught a staggering SHIB of 219,332,229,787, worth $5,454,792. However, he is not the only crypto investor who recently bought Shiba. On April 25, the “Bombur” whale seized 52 billion SHIB worth $1,178,967.
SHIB trades up 3% at $0.0000242 at press time.
