Earlier this week, a record quantity of SHIB was moved to a dead-end wallet, taking it permanently out of circulation. However, the overall circulating quantity of this well-known cryptocurrency with a dog motif has barely changed.
Three billion SHIB burned instantly
3,016,073,367 Shiba Inu were transferred from address -e243 to a “inferno” wallet three days ago. According to statistics given by the Shibburn platform, this transaction increased the SHIB burn rate by a staggering 26,450%.
Since then, despite a recent reduction in the SHIB burn rate, the community has not yet been able to surpass that modest record.
The same site states that there are currently 574,281,290,431,820 Shiba Inu meme coins in circulation, and a total of 410,642,031,588,420 Shiba Inu meme coins have been permanently burnt.
Burning guarantees that a coin’s supply is reduced; the more coins burnt, the rarer and more deflationary this cryptocurrency becomes. This raises the likelihood that its price will rise significantly when the bulk of the supply in circulation is eliminated. However, the price is unaltered even if the SHIB army has already secured around half of the initial one quadrillion SHIB supply. It even recently added the sixth zero.
Shiba Inu is trading at $0.000008799 at the time of this writing, according to data from CoinMarketCap.
Major new SHIB whale emerges
According to allegations from Whale Alert, an unidentified wallet received four transactions that were each worth four trillion SHIB, as previously reported by U.Today. This whale became the sixth largest SHIB whale in the cryptocurrency sector after amassing a staggering 20 trillion Shiba Inu coins.
But before that, he had also been given more than three billion DOGE. In terms of SHIB and Dogecoin holdings, this wallet is now ranked sixth.
