Voyager Dumped 825B SHIB Via Exchanges As Market Bleeds

Updated: 10 March 2023

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What – Shiba Inu is one of several tokens that implements a burning mechanism, in which a portion of the tokens are destroyed to balance the overall supply and demand.
Why – This process has continually burned millions of SHIBs, occasionally leading to slight price increases.
What Next – Recently, the network carried out a significant burn that eliminated 490 million SHIBs in a single day.

One effective way to enhance a token’s value in the crypto industry is by reducing its overall supply, such as SHIB. To achieve this goal, many tokens leverage a burning mechanism, which enables them to eliminate a portion of their circulating supply from the market.

By doing so, tokens with uncapped supplies can avoid over-saturation and price crashes, which can occur when the supply outweighs the demand. This burning mechanism effectively ensures that tokens maintain a balanced supply and demand, which helps preserve their long-term value.

Millions Of SHIB Tokens Pulled From The Market

According to the most recent report from Shibburn.com, developers of the Shib token have successfully removed 489,895,235 tokens from circulation. The burn occurred over 24 hours and was executed through eight separate transactions, as the SHIB burn tracker indicated. This burn significantly reduces the token’s circulating supply and will likely impact its market value.

During the latest SHIB burn, the “Shib Inu: Deployer2” wallet sent 485,682,280 SHIB to the burn address, reducing the token’s circulating supply. This address is believed to be linked to the upcoming Shibarium Public Beta. The total burn rate decreased by 71.28% compared to the previous day, during which 2,204,313,475 SHIB tokens were burned through 58 transactions. The community has speculated on the impact of these developments on SHIB’s value and future development.

Despite the SHIB burn, recent token purchases suggest strong interest in the upcoming Shibarium release. In the past 10 days, major whales, such as “BlueWhale0073,” have accumulated nearly 215 billion SHIB tokens.

According to reports, these Ethereum investors believe that SHIB’s price at $0.00001034 is an opportune time to accumulate the tokens. These purchases indicate the community’s optimism about SHIB’s future prospects.

In a significant purchase, BlueWhale0073 acquired 215,815,570.539 SHIB tokens worth $2,209,951. The purchase was made from an unidentified address that paid $33.46 in nominal fees. This acquisition adds to the notable SHIB purchases made by major Ethereum investors, indicating their confidence in the token’s future.

Recent Updates on Shibarium

The upcoming launch of Shibarium has generated significant buzz within the crypto community. The Shiba Inu community is eagerly anticipating the benefits that the project will bring. Shibarium aims to provide a decentralized platform for SHIB holders to trade tokens and earn rewards without relying on centralized exchanges.

In addition, the platform promises fast and low-cost transactions for SHIB and other tokens. It seeks to address common issues such as high fees and slow transaction speeds that plague other DEXs, providing a smooth trading experience. The community is optimistic about the potential of Shibarium to revolutionize decentralized trading.

The Shiba Inu community anticipates Shibarium’s launch as it promises to increase the value of the SHIB token by creating new use cases. As the platform’s utility increases, demand for SHIB is expected to surge, potentially boosting the token’s price. The public beta is set to go live this week, generating excitement among the community.

Furthermore, the project is already driving Shiba Inu adoption, with firms like Xeni and BitPay integrating SHIB and other cryptocurrencies as payment. NOWNodes, a blockchain node infrastructure provider, has also announced its intention to integrate Shibarium.