Another significant portion of circulating SHIB tokens has been removed and locked up permanently
As reported by @shibburn cryptocurrency tracker, in the past 24+ hours nearly 1.5 billion Shiba Inus have been destroyed by being sent to dead wallets and locked away there for good.
Burning SHIB (or any other tokens) allows for diminishing the overall circulating supply in an attempt to help the price go up. Multiple initiatives are working on burning as much SHIB as possible at the moment in order to significantly reduce the amount of coins in circulation.
1.4 billion Shiba removed, while whales continue to buy them
According to a recent tweet posted by @shibburn, the total amount of Shiba burned in the last 24 hours constitutes 1,408,069,572 tokens.
This result was achieved by conducting more than 55 transactions. The largest single transfer moved a staggering 1,408,069,572 SHIB to an “inferno” wallet eight hours ago, and it was made from the 0xffd50e51186fce01bd8c386a0202080255996fbd address.
Shiba Inu’s burn rate has seen a 453.25% increase in the last 24 hours. The current circulating supply stands at 552,480,492,362,785 tokens, while a total of 410,338,867,258,518 SHIBs have been burned.
Earlier this week, U.Today reported that over 700 million Shiba were burned within 24 hours. Such big SHIB burns in such a short period of time have been taking place seldom recently, and much smaller amounts have been burnt.
As the community strives to burn Shiba Inu tokens, whales acquire large quantities to profit from buying low and selling high.
Earlier today, two large ETH whales purchased 130.5 billion SHIB. One of them currently holds over 1 trillion of these popular canine tokens.
Global real estate investment company accepts SHIB
Earlier, U.Today covered that Digital Currency Group partner Jamestown has started accepting SHIB, Dogecoin and other cryptos after partnering with payment processor BitPay.
The company, focused on the investment and management of real estate, intends to start accepting cryptocurrencies for rent in the U.S., while also eyeing an expansion to the European market.
According to Michael Phillips, the president, the adoption of cryptocurrencies is the company’s first step in integrating innovations related to the digital sphere.
