By destroying SHIB tokens, users permanently remove them from the circulating supply
Shiba Inu’s recently launched burn portal continues to gain immense traction barely 48 hours after launch. In the first 24 hours after its launch, the official SHIB Twitter handle had reported a whopping eight billion tokens being burned as SHIB owners burned their tokens en masse.
— Archangel (@RealCryptoAngel) April 26, 2022
Presently, reports indicate that more than 15 billion SHIB tokens have been burned since the portal started operations on Sunday. By destroying SHIB tokens, users permanently remove them from the circulating supply by transferring them to a burn address. In this way, it is possible to make the token a little more scarce, which could potentially boost the token’s price.
Shiba Inu also announced that any project can use the Shiba Burn Smart Contract to create a “BURN Pool” and to offer rewards for burning SHIB tokens, thus opening up users and projects associated with SHIB burns to benefit.
Shiba Inu large transactions rise 414% as whales keep buying
IntoTheBlock analytics team reports a rise in the volume of on-chain Shiba Inu transactions greater than $100,000 as whales continue to accumulate.
Large transaction spikes are frequently associated with increased activity from institutional players, or whales, who are either buying or selling. These transactions exceed $100,000 moved, according to IntoTheBlock, and were up 414% in the last 24 hours for Shiba Inu.
WhaleStats reports another large SHIB purchase as Ethereum whale “BlueWhale0073” continues scooping up Shiba Inu, purchasing the meme token in the billions. His most recent purchase of the canine cryptocurrency was almost 5x bigger than the one made last week.
In recent hours, “BlueWhale0073” grabbed a staggering 219,332,229,787 SHIB, which is worth $5,454,792. However, this is not the only crypto investor who has been buying Shiba recently. On April 25, whale “Bombur” grabbed 52 billion SHIB valued at $1,178,967.
SHIB trades up 3% at $0.0000242 at press time.