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Shiba Inu

111 Million SHIB Enter Dead Wallet In 24 Hours, Here Are The Details

Eli Dambel by Eli Dambel
2 months ago
in SHIB
Reading Time: 3 mins read

Over the past 24 hours, the Shiba Inu community destroyed over 100 million SHIB by sending the tokens to Shiba Inu’s dead wallet, a token-burning mechanism that crypto protocols use to control the number of circulating tokens in the market.

SHIB Tokens Burned Through Ten Different Transactions

According to a Shibburn report, the Shiba Inu Army has collectively destroyed 111,173,988 SHIB tokens within the past 24 hours. The tokens were burned in 10 different transactions by members of the community.

Related Reading: Ethereum Addresses In Profit Touches 11-Month High Ahead Of Shapella Upgrade

Three main SHIB holders; SHIB Super Store, an anonymous wallet, and a Uniswap-linked wallet – pioneered the burning actions. A wallet linked to Uniswap burned a large amount of Shiba Inu through a single transaction. The wallet sent 43,564,865 SHIB tokens to the dead wallet.

An anonymous wallet is the biggest contributor to the SHIB burning mechanism over the past 24 hours. According to the post from Shibburn, the unknown wallet moved about 46,877,110 Shiba Inu tokens to the dead wallet in a single transaction.

The renowned SHIB Burn Project, SHIB Super Store, has been significant in the burning actions. During their latest burning process, the Burn Project permanently destroyed about 10,297,482 Shiba Inu tokens using the SHIB Burn Portal. The burning process occurred through a single transaction.

Related Reading: Bullish Signal? MATIC Becomes Top 3 Most Purchased Coin Among Ethereum Whales

Additionally, SHIB Super Store maintained the Weekly Burn and Earn Event for the Shiba Inu community. Following the latest burn, the Burn Project shared 10 million Shiba Inu tokens among the community members.

Spike In Shiba Inu Weekly Burn

Shiba Inu has witnessed a new high in its weekly burn of SHIB tokens. The cumulative burn rate increased to a record level last week.

Shibburn noted that the Shiba Inu Community had burned a total of 1,178,830,489 Shiba Inu tokens over the past 7 days. The tokens were burned through 26 different transactions within the period.

The top contributor to the burn was a new token on the ShibaSwapDEX Koyo. Shibburn data revealed that Koyo moved a whopping 1,104,224,812 Shiba Inu to the dead wallet on Sunday, April 9. It completed the transaction in a single transaction to set a new record level in burning Shiba Inu tokens. Also, on March 17, the new token burned 924.15 million SHIB through a single transaction. 

Shiba Inu’s price action has been on the lower turn amid its huge token-burning feats. At the time of writing, SHIB is trading at around $0.0000111, indicating a surge of 0.09% over the past 24 hours. However, its price action over the past 7 days shows a drop of 2.68%.

111 Million SHIB Enter The Dead Wallet In 24 Hours, Here're The Details
Shiba Inu price is trading in the green zone l SHIBUSDT on Tradingview.com

According to CoinMarketCap, Shiba Inu ranks as the 14th top crypto coin with a market cap of $6.54 billion. Its market dominance is 0.53%, and a 24-hour trading volume of $174.21 million.

Featured image from Pexels and chart from Tradingview.com

Tags: burncryptoKoyoShiba InuSHIBUSDT
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Eli Dambel

Eli Dambel

Eli brings an eclectic point of view to market analysis. Currently, he writes about various asset classes, including Crypto and Stocks. Eli has been writing crypto oriented content for almost 6 years now and he is a hard core believer in Blockchain and is confident that it can reform the traditional financial system. He also thinks Bitcoin will become universal currency in the near future. You can follow Eli on Twitter: @EliDambel

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