almost 30 million Shiba Inu SHIB/USD The tokens have been permanently removed from circulation.
This move comes amid a major price correction for the meme coin, which saw a sharp decline following a recent peak. The Shibburn trackerdedicated to monitoring SHIB burn transactions, reported that these tokens were sent to a non-fungible blockchain address through six separate transactions, effectively reducing the available supply of SHIB.
More than 21 million SHIB tokens were burned in the largest transactions, contributing to the community's ongoing efforts to make Shiba Inu a more scarce asset.
Many see this burning mechanism as a way to increase the value of the remaining tokens by reducing the overall supply.
The Shiba Inu price has experienced a tumultuous period, with a significant drop of 19.20% in the last two days, including a drop of 13.17% in the last 24 hours alone.
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This drop followed a notable high when SHIB removed two zeros from its value, reaching the $0.00003 level. However, it has since corrected to trade around $0.0000272.
The SHIB price drop reflects a broader correction in the cryptocurrency market, led by bitcoin's BTC/USD recent pullback from its all-time high of $73,750 to $67,279 at the time of writing.
Meanwhile, a staggering 382 billion SHIB tokens, worth approximately $10.2 million, were transferred to an unknown wallet in a span of just 20 hours. reported Etherscan.
The move involved two major transactions, sparking speculation and intrigue among investors and analysts alike.
In the first transaction, an anonymous entity moved 357.97 billion SHIB, valued at around $9.77 million, to a mystery wallet. This was soon followed by a second transfer of 24.09 billion SHIB, worth $601,520, supposedly from the Bitvavo exchange.
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