Somebody burned over 160 million SHIB in single transaction, while astounding amount of meme tokens removed in 24 hours as new burner emerges
As reported by Shibburn, the SHIB Army, a tracking platform focused on transactions depleting the current circulating supply of Shiba Inu canine tokens, has managed to burn over a quarter of a billion SHIB within the past 24 hours.
Another big lump of SHIB gets burned
The overall amount of Shiba sent to dead-end wallets in the past day and night comprises 276,280,888 tokens in 22 transactions.
In addition, the same amount of meme coins were burned in a single transfer by a mysterious wallet – total 160,549,026 sib,
Burns are performed by the SHIB army on a daily basis in order to reduce the amount of Shiba Inu tokens circulating on the market at the moment. Burning implies sending tokens to “inferno” wallets, from which they cannot be withdrawn or spent, basically getting locked there and pushed out of circulation, so a coin becomes more scarce. The SHIB army burns its coins in hope that when the coin becomes scarce, its price will spring up the chart.
Compared to Friday, the burn rate has increased by more than 25% so far. In total, a total of 410,378,568,111,971 SHIB tokens have been burned from the circulating supply. But there are still 558,186,954,742,224 SHIB in circulation and it will take a long time for the SHIB army to reduce it significantly.
This new platform has burned nearly 300 million SHIB
A new SHIB spin-off build on the Binance Smart Chain (BNB Chain) that trades on the PancakeSwap decentralized exchange, SHIBABAE, is also taking part in burning Shiba Inu.
In a recent tweet, a related Twitter account, @SHIBABAEtoken, announced that more than two weeks ago they had burned 139 million SHIB, and just recently they removed another 160 million canine tokens, giving them Sent to unexpected wallet.
