Per data made public recently, another massive sum of Shiba Inu canine crypto has been sent to “inferno” wallets and, thus, taken out of circulation. Almost all of this amount of SHIB was burned in merely one transaction.
Shiba Inu burns (as is the case with other cryptocurrencies) are being made in an attempt to reduce the circulating supply of the token and push the price toward higher highs.
In the meantime, the second-biggest meme coin by market cap after DOGE has demonstrated a 12% rise in the past 24 hours, losing some of it later on.
303.6 million SHIB gone in 24 hours
@shibburn crypto tracker has announced that in the past 24 hours, a significant amount of SHIB has been sent to burner addresses—a total of 303,686,273 tokens were moved in only five transactions.
Most of this massive amount was burned in just one transfer, according to data accumulated by Etherscan and posted on the Shibburn website. A total of 290,590,004 was shifted to a dead-end wallet more than 20 hours ago from the 0xbaed383ede0e5d9d72430661f3285daa77e9439f address, whose owner has not been identified.
Over two billion SHIB destroyed each week so far
According to the same Twitter account as above, over the past 14 days, the SHIB community has been burning more than two billion tokens each week.
Last week, the SHIB Army moved a staggering 2,604,802,620 tokens to unspendable wallets. The week before that, the amount of burned Shiba Inu totaled 2.2 billion SHIB.
SHIB price action
Since midday March 28, the Shiba Inu price has been striving to rise and managed to soar roughly 12%, hitting $0.00002967 per token.
Later on, however, SHIB made a pullback by around 10% and, by now, it has staged several small falls and rises, gaining 5% overall and trading at $0.00002792 at the time of writing.
Overall, in March, Shiba Inu staged a price surge of roughly 30%, with whales increasing their transactions by around 350%.