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20M Shiba Inu Wiped Out By Single Wallet In Massive Move — 37M Burned In 24 Hours

On Monday, a single wallet eliminated over 20 million Shiba Inu (CRYPTO: SHIB). All up, a massive 37 million SHIB were destroyed.

What Happened: Shib burn project dedicated to burning SHIB tokens has irrevocably taken away 19.86 million SHIB from the market for eternity in a single sizable transaction that occurred on Monday.

The SHIB Super Store's official Twitter page reports that the project has already burned a staggering 3.27B SHIB tokens. This project began burning SHIB tokens in November 2021 and it is expected that it will continue incinerating billions of SHIB tokens in the upcoming years.

See More: Best Crypto Apps

Token burning involves taking away coins from the total circulation. Usually, it involves transferring the coins or tokens to an address that does not have an associated private key, so that it can never be retrieved.

In the last seven days, 126 million SHIB tokens were burned and 50 transactions were completed, whereas the prior week saw 223 million SHIB tokens burnt.

Price Action: At the time of writing, SHIB was trading at $0.000009858, up 5.71% in the last 24 hours, according to Benzinga Pro.

Read Next: Coinbase CEO Says Sam Bankman-Fried's Hedge Fund Used $8B Of Stolen Customer Money: 'Even The Most Gullible Person Shouldn't Believe…'

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