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The Shiba Inu community continues regular SHIB burns, intending to reduce the circulating supply to the degree that SHIB’s scarcity allows its price to skyrocket to the much anticipated $0.01 level and higher.
In the past 24 hours, another 33 million tokens have been destroyed and, later today, a major SHIB burning business intends to send almost 600 million meme coins to an unspendable wallet.
595.7 million SHIB prepared for burning
The @shib_superstore Twitter account has announced that it has purchased a staggering 595,729,782 SHIB tokens to incinerate them later today during a scheduled Shiba Inu burn event.
A screenshot with this amount of meme tokens was shared in a tweet, which was pinned later on. This sum in digital tokens constitutes $13,356.
The team behind this Twitter account, which represents Travis Johnson’s SHIB burn games, has stressed that the SHIB were bought with profits coming from advertising in some of their mobile games.
Officially purchased tomorrow burn!
Keep in mind 99% of this burn was done through Bricks Buster and Candy Trips
Keep hitting that #1levelchallenge, keep promoting, keep visiting the website, and keep being awesome!https://t.co/d0goxr6sys pic.twitter.com/xiyWAY8KST
— SHIB Super Store (@shib_superstore) March 16, 2022
As per an earlier tweet, the company added $4,000 to the cash pile to buy SHIB with in March. That is the equivalent of 178,491,744 canine tokens.
Almost 33 million tokens burned since yesterday morning
Another SHIB burning company, @shibburner, which also accumulates data on SHIB burn transfers from Etherscan and publishes them on its website, has reported that over the past 24+ hours, a comprised 32.08 million canine crypto tokens have been locked in dead-end addresses and thus removed from circulation for good.
In the past 24 hours, there have been a total of 30,212,852 $SHIB tokens burned and 9 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) March 17, 2022
Whales keep buying billions of SHIB
As reported by U.Today earlier, an anonymous crypto whale had spent a whopping $6,086,838 on SHIB, laying his hands on 271,370,420,624 tokens.
Another 50 million SHIB was acquired by another whale a day before. Large crypto investors (whales; WhaleStats shares those transactions on Twitter and accumulates data on the top 100 ETH wallets who own roughly $400 million worth of altcoins, including Ethereum) have most likely been buying massive amounts of SHIB to profit from short-term trades of this canine cryptocurrency.
Despite the recent 35% decline in SHIB profitability, according to IntoTheBlock analytics vendor, as the token’s price is roughly 75% below the October all-time high, whales are still profiting from SHIB.
While 61% of Shiba Inu holders are out of the money, 3% are still at the money so far.