Shib Army burns 450 million SHIB for this reason

The Shib army continues to burn SHIB crypto currencies, sending nearly half a billion to “inferno” wallets. And the reason is that whales are selling their Shiba Inus and reducing their holdings in the second largest meme cryptocurrency.

The Shibburn crypto tracker stated on Twitter that the last 24 hours have been very productive for Shibburn community efforts.

Over the course of this time, 449,981,701 SHIB have been sent to dead wallets and are now permanently imprisoned there. This result took the burners 29 transactions to obtain.

The burn mechanism was created to allow crypto enthusiasts to reduce the circulating quantity of their coins by storing them in unspendable addresses, thereby increasing their scarcity. The more rare a coin becomes, the more likely it is to appreciate in value on the market.

Whales appear to be losing interest in SHIB as the community continues to remove it from circulation. According to data from the WhaleStats crypto tracking platform, the supply of SHIB held by the top 100 Ethereum wallets has been steadily falling.

WhaleStats stated earlier today that Ethereum whales own a total of $703,261,525 in SHIB. Updated information from the platform’s website shows that this sum has now dropped to $566,404,165 in Shiba. This represents 11.22 percent of their total holdings.

SHIB also dropped from first to third place in terms of USD equivalent last week. The FTX Token (FTT) now holds the top spot on the list, with the USDC stablecoin in second place. The recent collapse of UST stablecoin based on the Terra chain is most likely to blame for whales’ preference for USDC.

Read more: SHIB holders count climbs higher