101 million Shiba Inu destroyed in a single transaction by mystery wallet


  • Shiba Inu burn intensified as a mystery wallet burned 101 million SHIB tokens. 
  • A total of 105 million Shiba Inu tokens have been destroyed in the last 24 hours, pulled out of the circulating supply permanently. 
  • Legendary investor and analyst Peter Brandt is bearish on Shiba Inu if the meme coin plummets below $0.00001310. 

Shiba Inu’s burn is key to the meme coin’s rally, based on previous instances of mass removal of SHIB tokens from circulation. Over the past week, Shiba Inu whales engaged in massive profit-taking, pushing the SHIB price lower. Analysts believe Shiba Inu price is at a make or break point, at $0.00001310. 

Also read: Shiba Inu on fire, another price rally around the corner?

Shiba Inu token burn intensifies over the weekend

Shiba Inu token burn is considered one of the triggers of the SHIB price rally. SHIB holders consider token burn as an exercise that increases the value of leftover Shiba Inu tokens. This activity destroys SHIB tokens in circulation and permanently removes them, by sending them to a dead wallet address.

Over the past 24 hours, a total of 105 million Shiba Inu tokens were burnt. Of this, 101 million were burnt in a single transaction by a mysterious wallet. 410.37 trillion Shiba Inu tokens have been burned so far, reducing the circulating supply by nearly 41%. 

Whales accumulated Shiba Inu through the meme coin’s dip in price in the second week of August 2022. Whales shed their SHIB holdings at a time when Shiba Inu price hit a local top of $0.00001732. Massive profit-taking by large wallet investors coincided with Shiba Inu’s rally, therefore indicating that whale activity is an influencer in the meme coin’s price trend. 

Peter Brandt is bearish on Shiba Inu

Peter Brandt is a legendary investor and trader. Brandt recently evaluated the Shiba Inu price trend and argued that the meme coin is ready to decline if it fails to hold above the key price level of $0.00001310. Shiba Inu price is currently close to the $0.00001310, if bulls fails to push SHIB price higher, the Dogecoin-killer could struggle with its recovery. 

SHIB-USDT 1-day price chart

SHIB-USDT 1-day price chart 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP