Shiba Inu community has burned another substantial chunk of its favorite meme token, removing this large part of SHIB from circulation
The Shib Army continues to burn SHIB crypto coins, this time moving nearly half a billion SHIB to “inferno” wallets.
In the meantime, whales are dumping their Shiba Inu, and their holdings of the second largest meme cryptocurrency are shrinking.
450 million SHIBs gone for good
Shibburn crypto tracker announced on its Twitter page that the last 24 hours have been quite productive for Shib burning initiatives within the community.
Overall, within this period of time, a comprised 449,981,701 SHIB have been sent to dead wallets and locked there permanently.
It took 29 transactions for the burners to achieve this result.
The burn mechanism was specially designed to allow crypto fans to decrease the circulating supply of their coins by locking them in unspendable addresses to make those coins more scarce. The more scarce a coin gets, the bigger chances it gains to rise in value on the market.
Whale SHIB supply dwindles as they sell out
As the community continues to remove SHIB from circulation, the whales seem to lose interest in this meme token. Data shared by crypto tracking platform WhaleStats shows that the supply of SHIB held by the top 100 Ethereum wallets has shrunk significantly.
Earlier today, WhaleStats reported that Ethereum whales are holding a total of $703,261,525 worth of SHIB.
However, update information from the platform’s website shows that figure has now dropped to Shiba’s $566,404,165. This represents 11.22% of their portfolios.
Last week, SHIB also slid from the number one holding by USD equivalent to spot three. First place on the list is now held by FTX Token (FTT), and the second one belongs to the USDC stablecoin. The choice of whales regarding USDC has probably been caused by the recent collapse of UST stablecoin based on the Terra chain.
ETH whales now hold $967,331,029 worth of FTT (19.17% of their wallets), while the amount of USDC held in their wallets stands at $845,544,217 (16.76% of the wallets).
