KEY POINTS
- The Shiba Inu development team destroyed 8,471,583,707 SHIB over the past few days
- Another 53.23 million tokens were destroyed in the past 24 hours
- Shiba Inu also saw a major spike in whale activity which is equivalent to huge withdrawals of around 8 trillion
The Shiba ecosystem is continuing its massive burning campaign, recording a 5,043.37% surge, while trillions of SHIB have been removed by holders from exchanges since November.
The Shiba Inu development team destroyed billions of SHIB tokens, specifically 8,471,583,707 SHIB over the past few days.
But, the Shib Army, the fierce and loyal members of the community, is committed to continue the massive burning activity in the hope that it would eventually reduce the circulating supply of the token.
Data from Shibburn, the platform recording SHIB burn metrics, showed a staggering 53.23 million tokens were destroyed in the past 24 hours, showing a 5,043.37% increase in the Shiba burning activity.
Among the major burns conducted in the past 24 hours were the 25,000,000 SHIB destroyed and the 20,000,000 SHIB sent to an unusable wallet address.
While the Shiba burning activities help in reducing the circulating supply of the dog-themed altcoin, whose pseudonymous lead developer has been acknowledged to be among the key opinion leaders in decentralized finance (DeFi) and the broader cryptocurrency industry, the development team still encourages the community to campaign for massive adoption to make it more sustainable.
Recently, after the development team burned billions in SHIB, Da Vinci, Shiba Inu's main admin on Discord, Susbarium and Telegram called for the Shib Army's increased participation in the burning activities.
"As someone interested in burns, I expect you to do your research and understand that every dollar must come from hodlers because there are no keys to provide, and the developers have included that every burned Shiba must be purchased," the Discord admin said, before adding, 'To buy, you have to generate income, which the devs designed as resources on Shibarium. For this to happen, everyone who wants to see Shiba burn must participate, and by using Shibarium, more builders will join, and we will continue to burn."
His statement was backed by Shiba ecosystem and Shibarium tech marketing specialist, who used the handle @LucieSHIB: "There is a reason why 'No simple dump is being done.' It's a responsibility and commitment to the whole ecosystem. Anyone suggesting otherwise in a volatile market is ignorant and doesn't care."
There is a reason why ‘No simple dump is being done.’ It’s a responsibility and commitment to the whole ecosystem. Anyone suggesting otherwise in a volatile market is ignorant and doesn’t care.
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shib.io✨ (@LucieSHIB) December 18, 2023
Red = Lack of demand
Green = Big demand
Burning in red will have NO IMPACT. Too many… pic.twitter.com/hftGFm7K2x
While the community witnessed massive burning activities over the past weeks, Shiba Inu also saw a major spike in whale activity which is equivalent to huge withdrawals of around 8 trillion since November, data showed.
Transactions between $0 and $1.00 increased by 25.71% in the last 30 days, while transactions above $1 million saw a 150% spike in the same period.
The largest transaction recorded in the said period was 15.34 SHIB amounting to $158.1 million and the other one was a purchase of 850 billion SHIB worth approximately $7.5 million believed to have been made by a single investor.
