Another substantial amount of SHIB meme tokens have been pushed out of circulation, while SHIB has started to recover after its recent losses
According to data made public recently, another massive amount of Shiba Inu crypto dogs were sent to “inferno” wallets and, as a result, withdrawn from circulation. Almost all of this amount of SHIB was burned in a single 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.
Meanwhile, the second largest meme coin by market cap after DOGE demonstrated a 12% increase in the past 24 hours, losing some later.
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 a single transfer, according to data accumulated by Etherscan and published on the Shibburn website. A total of 290,590,004 was transferred to a dead end wallet over 20 hours ago from address 0xbaed383ede0e5d9d72430661f3285daa77e9439f, the owner of which 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 previous week, the number of burnt Shiba Inus stood at 2.2 billion SHIBs.
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, however, SHIB pulled back around 10% and so far it has staged several small declines and rises, gaining 5% in total 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%.
