390m Shiba Inu removed but ‘all is well’ might not hold water

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Shi­ba Inu [SHIB], the renowned ‘meme-token’ has wit­nessed sig­nif­i­cant sup­port from all over the cryp­to com­mu­ni­ty. Owing to this, var­i­ous dom­i­nant buy­ers have flocked in to buy the token. And, SHIB’s burn­ing mech­a­nism con­tin­ues to impress them.

Keep burning 

Binance, the largest cryp­to exchange con­tin­ues to show sup­port to the SHIB com­mu­ni­ty despite hic­cups. This time Binance Card hold­ers, launched in Argenti­na, could use SHIB to make their pur­chas­es and pay bills at over 90 mil­lion Mas­ter­card mer­chants world­wide, both in-store and online.

Fol­low­ing the col­lab­o­ra­tion, the flag­ship token did wit­ness some unprece­dent­ed trac­tion across the entire cryp­to net­work. Espe­cial­ly, the dom­i­nant buy­ers, whales, as they flocked back to acquire the token.

Accord­ing to data shared by the WhaleStats wal­let track­er on its web­site, the top 100 whales on Ethereum acquired $157,326,168 worth of Shi­ba Inu. This was equiv­a­lent of 11,909,626,646,479 canine tokens. Here­in, SHIB com­prised around 5% of whales’ holdings.

Connecting the dots

Need­less to say, the said increase in demand also led to an intense SHIB burn­ing pro­ce­dure to poten­tial­ly aid its price to reg­is­ter new heights. This case was no dif­fer­ent. Espe­cial­ly, now that the com­mu­ni­ty released a new web­site (ShIB Super­store por­tal) that burnt Shi­ba Inu.

At the time of writ­ing, rough­ly 390 mil­lion SHIB moved from cir­cu­la­tion over the past 48 hours. Part of it was wired with help of Ama­zon giant and the new SHIB burn website.

Fur­ther­more, as of 24 August, a total of 213,067,021 SHIB were removed from the sup­ply of the sec­ond most pop­u­lar canine token in cir­cu­la­tion. The same occurred in 14 trans­ac­tions as seen in the tweet below.

A day ago, over 105,084,459 SHIB tokens were removed from cir­cu­la­tion in 23 trans­ac­tions. Here­in, a part of the said amount was removed via Ama­zon and the new SHIB burn­ing protocol.

The afore­men­tioned devel­op­ment on the net­work saw Shi­ba Inu’s burn rate surge by 100%, as per data from the token burn track­ing por­tal Shibburn.

At press time, the burn rate had reg­is­tered a fresh 87% uptick.

Source: SHIB­Burn

Hav­ing said that, one should always main­tain cau­tion as things could change any­time here. Con­sid­er this, just 48 hours ago, SHIB dropped in whale rank­ing as 1.4 tril­lion SHIB was dumped in the market.

Did the price alter by much? Well, a mere 3% hike in five days. In fact, at press time, SHIB trad­ed at the $0.000013 mark after record­ing a 0.23% hike.



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