Around 600 million Shiba Inu tokens (SHIB) face burning today. This comes after 33 million of the meme coin has already been burned in the last 24 hours.
Regular burning is an attempt to positively influence the token’s price. By reducing the number of tokens in circulation, the resultant relative scarcity stands a good chance of driving up SHIB prices to desired levels.
According to SHIB Super Store’s Twitter account, 595,729,782 SHIB coins are slated for burning. An issued post read:
“Officially purchased tomorrow burn! 595,729,782 coins! Keep in mind 99% of this burn was done through Bricks Buster and Candy Trips Keep hitting that #1levelchallenge, keep promoting, keep visiting the website, and keep being awesome! http://shibsuperstore.com”
SHIB Super Store later announced in a tweet that the burn is complete. The total number of SHIB tokens that made their way to a non-spendable wallet is $13,356.
In other news, whales have recently been snapping up massive amounts of SHIB tokens. For instance, reports state that an anonymous whale forked out a staggering $6,086,838 for over 270 billion SHIB tokens. Meanwhile, a day earlier, another whale procured over 50 billion SHIB.
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