There was news of a crypto whale transferring 30-Trillion Shiba Inu tokens this past Friday. That news came around the same time of the headline, SHIB burning fell off by 82%. It appears it took the digital oceans’ behemoth to awaken the Dogs. In just 3 days, SHIBBurn reports that 40-Million coins have been burned since Saturday and numbers are growing.
On the subreddit ‘ShibArmy,’ even loyalists of the DogeCoin killer can be seen making pessimistic comments about the future. It’s the biggest known social media community of SHIB investors and usually comments are enthusiastic.
Then came the recession.
Since the economic depression has hit, all markets for trading commodities have fallen. Stock, Bonds, crypto, and even natural resources have taken a hit. However, many believe a few cryptocurrencies may be on the eve of a big turn-around. One of those tokens is SHIB.
Burn signals this weekend implicate there’s a growing interest in a group of investors with quite a few coins to burn. 41.2-million tokens were burned since Saturday alone. The daily average of tokens burned increased by 2000% between Friday and Sunday.
Such trends should not go unnoticed. Especially a whale with US$23.6-Million-dollars invested that is HODLING.
Inclusive, the audit of Crypto.com reserves revealed their second biggest token held is Shiba Inu.
For Shib Inu token burning to have a true effect by 2023’s end, an average of 20-million tokens will need to be burned daily. If that happens, by the end of 2023 over 7.3 trillion tokens will be off the market — left in inactive wallets.
SHIB layer-2 aka Shibarium is also believed to increase the number of tokens being used, lessening the available supply of mined SHIB.
While some disagree on the effects of so many tokens being off the market alongside the new technology, it’s hard to deny a token that ‘the people’ believe in. The power to change anything is always in the hands of the ‘average Joes’ of the world when united.
The post 40M SHIB Tokens Now Burned In Under 3 Days appeared first on CryptoMode.
ZetaChain, described as the world’s first universal blockchain, has officially launched support for the Arbitrum…
BNB Chain is preparing for one of its most significant upgrades yet, with the Pascal…
Seismic, an emerging encrypted blockchain developer, has successfully raised $7 million in a funding round…
Industry-Leading IP Valuation Firm Highlights Key Assumptions Behind Its Assessment Las Vegas, NV, 6th March…
Doha, Qatar, March 6, 2025, ZEX PR WIRE, drovi, an innovative AI-driven networking and event…
Japan’s ruling Liberal Democratic Party (LDP) has unveiled a proposal to dramatically reduce the tax…