One Wallet Burns Over 207 Million Shiba Inu Amid SHIB Price Fall

The teeming Shiba Inu community continues to stay focused on the reduction of the hyperinflated total supply of the second-largest decentralized memecoin by market capitalization, amid SHIB’s 21% price decline in the past 24 hours.

Notably, the cryptocurrency market has been bearish in the past couple of days following the regulatory attack on the top-rated digital asset exchanges Binance and Coinbase by the United States Securities and Exchange Commission (SEC).

While Bitcoin (BTC) price has dipped over 2.4% in the past 24 hours and continues to struggle to stay above $25K at the time of writing, SHIB is down 21.78% after losing its support at the $0.000008 price point.

This massive price dump has not deterred members of the ShibArmy from moving tons of SHIB tokens to the dead wallet. It bears noting that over 256,266,011 Shiba Inu tokens have been burned in the past 24 hours as of press time, representing an increase of 17,468.55% when compared to the burn rate in the previous day according to the leading SHIB burn tracker Shibburn.

Largest Shiba Inu (SHIB) Burns of the Day

A variety of users or wallets contributed to the over 256 million SHIB tokens destroyed in a day. The biggest SHIB burn of the day was recorded when a certain whale wallet took out a whopping 207,715,716 from circulation forever.

Another mega SHIB token burn was reported about fifteen hours ago when a heavy-loaded wallet sent 16,308,588 Shiba Inu tokens to the dead wallet. A few hours later, a burn of 11,378,240 SHIB tokens in a single transaction was reported by Shibburn.

While these recent voluminous burns have skyrocketed the total burned SHIb from initial supply to 410.6 trillion at press time, these transactions happened days after Binance partnered with a crypto-native app Lyzi to enable crypto users to pay for products at over 440 merchants in France.

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Ndianabasi Tom

Ndianabasi Tom joined the crypto and blockchain industry in late 2018. He is an all-rounded crypto journalist and content writer. At TimesTabloid, he covers the industry's latest news, developments, and other educational content. He is a graduate of Petroleum Engineering.