Monday, November 28, 2022

Shiba Inu’s Supply Is Shrinking After 2.41B Coins Got Burned

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Shiba Inu’s supply is shrinking after the latest burn of 2.41 billion coins over the past week, making the token more scarce while at the same time, a whale bought $20.7 million worth of SHIB so let’s take a closer look at today’s latest altcoin news today.

Over the past week, 2.41 billion SHIB tokens were burned which means that Shiba Inu’s supply is shrinking and is becoming more scarce. The price of SHIB went up by 20% since the end of last week and the reason behind this rally is the token burn but also there’s another reason for it. The burn was announced on Twitter and the burnings of SHIB tokens can be followed on website which shows huge amounts of Shiba Inu being burned adding up to a total of 2.41 billion SHIB tokens.

The burning of the SHIB tokens which is not unusual was done via a series of portions among which the biggest one amounted to 1,351,643,000 tokens burned between April 8 and 9. Besides this bigger portion, other burns amounted to 442 million and another to 258 million. A total of 324 million was burned in portions of nine transactions in the past day. The bigger burn of the SHBI Tokens since the end of last week wasn’t the only boost for the increase of the market value of the mem coin. As per WhaleStats Twitter, the second reason behind this increase could be the fact that a larger whale bought an amount equivalent to $20,697,378 at the time of the transaction.

The whale and the owner of the “BlueWhale0073” wallet are ranked number 12 by Whale Stats which is a service that keeps track of the top 100 wallets on the ETH blockcahin while SHIBA is an ERC-20 token on the ETH network. Both the SHIB token burns and the bigger purchase of the whale coincide with the announcement of the popular investment and trading app Robinhood which added support for SHIB alogn with Compound, Solana, and MATIC. Robinhood gave the green light after the shib Army asked for the tradign platform to list the meme coin for a few months now. All four tokens added to the Robinhood trading platform saw a rise in the market prices while SHIB got one of 20%. since the market, in general, was on the gloomy side, the marekt values of the tokens dropped back to levels before Robinhood’s announcement. The SHIB token is valued at $0.00002664 which is down by 3.5% in the past day.

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