An anonymous Shiba Inu (SHIB) whale burned billions of SHIB in a single significant transaction. Efforts to reduce the near-limitless supply of the meme token are gaining momentum and surprises with the voluntary token burnings of mysterious whales.
$23.948 worth of SHIB burned in a single transaction
The recently launched “SHIB Burn Portal” is literally shaking up social media. The Shiba Inu community is ecstatic about the newly developed combustion mechanism that the Shiba team has presented in partnership with the Ryoshi Vision (RYOSHI) team. Excitement ran high when a mysterious Shiba Inu whale delivered 1 billion Shiba Inu (SHIB) to a dead wallet in a single large transaction worth $23,948. According to data provided by etherscan.io, the mystery wallet still has 1.40 billion SHIB worth $32,424.
SHIB Burn Portal published
On Saturday, April 23, 2022, the long-awaited “SHIB Burn Portal” was released on Shibaswap.com. The newly launched site is seen as a huge success for the team, as 10.9 billion Shiba Inu were permanently removed from circulation in less than 48 hours. SHIB Burn Portal invites users to contribute to the burn while also paying with passive income through Ryoshi Vision (RYOSHI). RYOSHI token has reached 25,000 investors as of April 23.
Why is the Shiba Inu price dropping despite such a close proximity?
Despite the hefty token burn activities and recent major developments, the Shiba Inu price remains so flat that it worries the Shiba Inu community. This may be because it is not in demand among new investors. For example, the total value of the crypto market is still well below $2 trillion and is currently hovering at $1.77 trillion, down 4.14% from the previous day. This indicates that the overall market cap is still liquid and not increasing. It can be said that investors are waiting for the “Healthy Market” to get amazing returns. As we covered in the cryptokoin.com analysis, Shiba is down more than 7% today and recorded the low of $0.00002247. It is currently trading at $0.00002361.
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