While Shib has succeeded in surpassing FTX in whales’ wallets, community has destroyed massive amount of coins within 2 days
Over the past two days, the Shiba Inu community has disposed of a substantial amount of SHIBs, locking them away in unusable wallets.
In the meantime, the second largest canine crypto has surpassed its regular superior, FTX Token, in the 10th spot among the largest crypto holdings by USD value over the past 24 hours.
316 million SHIB burned
Over the past two days, the SHIB Army has moved a total of 315.7 million Shiba Inu Canine Coins to dead end wallets, removing them from the overall SHIB supply circulating there at the moment.
In the past 24 hours, various burn projects transferred 75,737,142 coins, taking 11 transactions to lock that many SHIB. On June 14, the amount of SHIB burned over 24 hours comprised more than a quarter of a billion—239,535,584 Shiba Inu.
Token burning is normal practice in the crypto space as it is a surefire method to reduce the amount of crypto in circulation and thus increase the chances of its price rising in the long run.
SHIB burns take place on a regular basis, with multiple projects burning as many meme coins as they can afford to buy.
SHIB Surpasses FTX as Best Whale Reserve
On-chain data platform WhaleStats, which focuses on the top 100 wallets on Ethereum, BSC, Polygon, and other chains, spread the word about Shiba Inu trading places with a coin that typically holds a higher spot. to SHIB on the list of ETH top 10 whale stocks.
This time, Shiba has surpassed FTX Token (FTT), the native coin of the popular U.S.-based FTX exchange. However, along with this, the total amount of SHIB held by these whales has dropped slightly below $400 million, reaching a negative milestone. SHIB is now sitting in third place, with FTT holding fourth place.
At the time of this writing, the top 100 whales on the Ethereum chain hold $391,244,610 worth of Shiba Inu, while that amount was over $500 million or even $1 billion before the bear market started and the price of SHIB has dropped significantly.
As for FTX Token, the total amount of this this coin owned by whales at present is $328,626,696 in FTT, which is 9.28% of their comprised portfolio. As for SHIB, it constitutes 11.7% of it.
Despite some kind of loss of popularity of FTT with whales, wallet owner “BlueWhale0079”, which bought about 500 billion SHIB this month, acquired 250,000 FTX, valued at $6,112,500.
This whale is currently ranked 410th, according to the WhaleStats scale.
