Almost 30 million Shiba Inu SHIB/USD the tokens have been permanently removed from circulation.
This move comes in the context of a significant correction in the price of the meme coin, which has seen a sharp decline after a recent peak. Tracker Shibburn, dedicated to monitoring SHIB burn transactions, reported that these tokens were sent to a non-spendable blockchain address across six separate transactions, effectively reducing the available supply of SHIB.
Over 21 million SHIB tokens have been burned in the largest transactions, contributing to the community’s ongoing efforts to make Shiba Inu a rarer asset.
Many see this burning mechanism as a way to increase the value of remaining tokens by reducing the overall supply.
Shiba Inu price has experienced a tumultuous time, with a significant drop of 19.20% in the last two days, including a drop of 13.17% in the last 24 hours alone.
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This decline followed a notable high when SHIB dropped two zeros from its value, reaching the $0.00003 level. However, it has since corrected to settle at around $0.0000272.
SHIB’s price decline reflects a broader correction in the cryptocurrency market, led by Bitcoin‘S Bitcoin/USD recent decline from its all-time high of $73,750 to $67,279 at the time of this writing.
Meanwhile, as many as 382 billion SHIB tokens, worth around $10.2 million, were transferred to an unknown wallet in the span of just 20 hours, Etherscan reported.
The move involved two significant transactions, sparking speculation and intrigue among investors and analysts.
The first transaction saw an anonymous entity move 357.97 billion SHIB, worth approximately $9.77 million, into a mysterious wallet. This was soon followed by a second transfer of 24.09 billion SHIB, worth $601,520, exchange Bitvavo reported.
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