5.4 Billion SHIB Destroyed in 24 Hours, But Price Drops to October 2021 Lows

Shiba Inu

Staggering amount of Shiba has been burnt, but price is back to level last seen half a year ago

The recent stunning Shiba Inu burns haven’t helped keep the price up, let alone allow it to soar.

While almost 6 billion SHIB have been removed from the circulating supply, the price keeps moving in a range, but it remains around 87% below the all-time high reached in October.

On May 19, no less than 12.4 billion were destroyed, according to the same source.

5.5 billion Shiba Inu incinerated

As reported by @shibburn crypto tracker, over the past 24 hours, various teams within the SHIB army have transferred a total of 5,486,423,670 SHIB to dead-end wallets, thus removing them from circulation forever.

Burning this incredible amount of canine tokens took the community 101 transactions. Since then, several other transfers to essential wallets have been made, each carrying a substantial amount of SHIB – 55 million, 42 million and 25 million Shiba Inu.

According to the same SHIB burn tracker, by May 19, a whopping 12,421,420,499 SHIB were removed. And after that, within just a single hour, such amounts as 517,551,047, 415,262,335 and 2,653,948,035 Shiba were locked in dead wallets.

SHIB price drops to October 2021 low

Despite numerous SHIB burns, the price of the token continues to drop. Right now, the second largest meme coin is changing hands at $0.00001188. It went to the same price in October last year before suddenly hitting an all-time high of $0.00008845.

At press time, Shib is trading nearly 90% below that level.

New SHIB registrations

Recent listings and growing adoption haven’t helped the price rise either. On May 19, US-based exchange Poloniex announced that it had added support for several new pairs, including SHIB/USDD and DOGE/USDD.

Earlier this year, popular trading app Robinhood also listed Shib after numerous requests from the SHIB army and months of waiting.

Whales continue to buy SHIB relentlessly

As WhaleStats reported yesterday, the owner of one of the top 500 wallets on Ethereum, “BlueWhale0073”, has made another massive Shiba Inu acquisition.

This investor bought a total of 110,654,459,259 SHIB worth $1,313,468. He has quickly sold SHIB on a small rise as this meme coin, along with other small cap tokens, now comprises as little as 0.98% of his portfolio.

Overall, SHIB is now the third largest holding company. ETH, the most important, is followed by FTX Token, USDC stablecoin and Shiba Inu. The Whales now own $555.7 million worth of SHIB, or 11.13% of their portfolio.


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