20M Shiba Inu Wiped Out By Single Wallet In Massive Move — 37M Burned In 24 Hours

On Monday, a single wallet eliminated over 20 million Shiba Inu SHIB/USD. All up, a massive 37 million SHIB were destroyed.

What Happened: Shib burn project dedicated to burning SHIB tokens has irrevocably taken away 19.86 million SHIB from the market for eternity in a single sizable transaction that occurred on Monday.

🔥 19,862,288 $SHIB -> transferred to dead wallet. https://t.co/mN2LeXLvyR

— Shibburn (@shibburn) December 5, 2022

The SHIB Super Store's official Twitter page reports that the project has already burned a staggering 3.27B SHIB tokens. This project began burning SHIB tokens in November 2021 and it is expected that it will continue incinerating billions of SHIB tokens in the upcoming years.

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Token burning involves taking away coins from the total circulation. Usually, it involves transferring the coins or tokens to an address that does not have an associated private key, so that it can never be retrieved.

In the last seven days, 126 million SHIB tokens were burned and 50 transactions were completed, whereas the prior week saw 223 million SHIB tokens burnt.

In the last 7 days, there have been a total of 126,452,790 $SHIB tokens burned and 50 transactions. #shibarmy

— Shibburn (@shibburn) December 4, 2022

Price Action: At the time of writing, SHIB was trading at $0.000009858, up 5.71% in the last 24 hours, according to Benzinga Pro.

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