Shiba Inu Token Engraving has reduced its current total supply. Over the past week, 2.41 billion SHIB tokens have been burned, reducing the total supply of the popular domestic dog cultivation token and making it even rarer. In constant time, a whale bought $20.7 million from SHIB. Following the drop in supply, the value of SHIB has increased by around 20% since the end of last week. Also, another excuse for the uptrend is two-fold: one is that 2.41 billion Shiba Inu are being burned and sent to so-called hell wallets in order to make the popular dog token rarer and increase its value. price.
Shiba Inu whales make huge purchases
The burning of Shiba Inu tokens, which is not uncommon in itself, was done through a series of parties, the largest of which was 1,351,643,000 tokens burned between the 8th and 9th month of the calendar. Gregorian. Besides this largest portion, alternate burns amounted to 442 million and another burned just over 258 million SHIB tokens. Furthermore, a total of over 324 million is burned in portions of 9 transactions in the last twenty-four hours alone.
However, the strong consumption of SHIB tokens since the end of last week has not been the only driver for the increase in the market price of the Acculturation Coin. According to the WhaleStast Twitter account, the second reason for the surge in market value may well be the very fact that an oversized whale purchased a staggering amount of 775,473,150,952 SHIBs, or $20,697,378 at the time of the transaction.
The whale, in terms of ether (ETH), and also owner of the “BlueWhale0073” wallet, is stratified out of twelve by WhaleStats – a service that tracks the top hundred wallets on the Ethereum blockchain. Shiba Inu is an associated ERC-20 token on the Ethereum network.
Robinhood will support SHIB
The SHIB token burns and massive buy by BlueWhale0073 coincide with the announcement that popular investment and trading app Robinhood is adding support for SHIB, in conjunction with Solana (SOL), Compound (COMP) and plane figure (MATIC) . Robinhood finally relented when the so-called SHIB army had been asking the commercial app to list SHIB for many months.
The four tokens currently other than Robinhood have seen an increase in market costs following the announcement of Robinhood, SHIB with a maximum amount of 20%. Since the crypto market, in general, has been rather gloomy for the past few days, the market values of these tokens have fallen back to pre-Robinhood announcement levels.