Shiba Inu’s recently created burn site is gaining massive traction only 48 hours after its inception. The official SHIB Twitter handle reported a massive eight billion tokens being destroyed in the first 24 hours after its launch, when SHIB owners burned their tokens en masse.
According to sources, more than 15 billion SHIB tokens have been burnt since the portal’s launch on Sunday. By transferring SHIB tokens to a burn address, users permanently remove them from the circulating supply. It is possible to make the token a little more scarce in this manner, potentially increasing the token’s price.
Shiba Inu huge transaction volume has increased 414 percent as whales continue to buy.
As whales continue to accumulate, the IntoTheBlock analytics team reports an increase in the volume of on-chain Shiba Inu transactions worth more than $100,000.
Large transaction spikes are usually connected with increased activity from institutional buyers and sellers, known as whales. According to IntoTheBlock, these trades exceeded $100,000 and were up 414 percent in the last 24 hours for Shiba Inu.
The Ethereum whale “BlueWhale0073” continues to gobble up Shiba Inu, purchasing the meme currency in the billions, according to WhaleStats. His most recent purchase of the canine cryptocurrency was over 5 times larger than the one he made the previous week.
“BlueWhale0073” recently snagged a whopping 219,332,229,787 SHIB, which is worth $5,454,792. However, this is not the only crypto investor that has recently purchased Shiba. On April 25, the whale “Bombur” snatched 52 billion SHIB worth $1,178,967.
At the time of writing, SHIB was trading up 3% at $0.0000242.