Half a billion SHIBs in blocked wallets

In April, Shiba Inu introduced a burning portal allowing holders to permanently destroy their tokens. This measure was intended to reduce the supply in circulation while allowing users to earn passive income. Since then, more than half a billion of these tokens are out of circulation.

In fact, a week ago over 1.4 billion tokens were burned in over 160 transactions, the activity continued to generate interest.

The community has burned or rather destroyed nearly half a billion meme coins, according to cryptocurrency tracking service Shibburn. To be specific, the community sent a total of 405,282,493 circulating supply meme tokens to dead wallets. As a result, the supply in circulation has been further reduced. The burn rate, in fact, has increased by almost 100% as shown in the graph below.

The goal is to make the Shiba Inu rarer, with the potential for price increases in the long term. In one week, the portal recorded 25 billion SHIBs burned in circulating supply.

This burning feature is actually the user’s choice, and it does nothing more than show their commitment to making SHIB a durable and valuable currency.

Different dominant buyers transferred SHIBs for the same reason. The largest transfer, 112,462,000 SHIB, took place about 12 hours ago at 0x28a121e4732d7cc5972b16e48590103b2574f806.

Besides, whalestats revealed that whales have been actively hoarding the token. This has led to an increase in the use of the Shiba Inu smart contract and made it one of the most used contracts among the largest Ethereum wallets. The last wave of purchases was recorded on May 7.

Additionally, over 1.4 billion tokens were burned in over 160 transactions a week ago. Well, meme currency has received some attention outside of the crypto world. For example, Italian luxury house Gucci would soon begin accepting Shiba Inu and other cryptocurrencies in select locations in North America.

That said, these developments haven’t really helped the price.”stagnant“. SHIB suffered another 0.45% correction as it traded at the $0.000018 mark. It goes without saying that SHIB is still waiting for vital triggers that could help its price action.

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