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Was the recent cremation of 230 million Shiba Inu carried out by the SHIB army in two days?

Recent reports suggest that the meme coin has witnessed Shiba Inu token burning again and could be seen as a community effort

In the recent SHIB army, the people behind the community-run Shiba Inu meme coin have redoubled their efforts to destroy Shiba Inu coins. The community is on a mission to burn the second best dog cryptocurrency to minimize the staggering amount of cryptocurrency supply circulating. Several efforts have been made in the past, one more has been added to these burns.

Recently, SHIB token burn tracker, Shibburn, reported on the community’s latest burning of Shiba Inu, stating that the Shiba Inu army would continue to get rid of their meme tokens forever. These burned tokens are locked at the addresses from which they cannot now be otherwise spent or withdrawn forever.

Shibburn shared the stats on his Twitter account, and according to Etherscan data shown, a total of more than 230 million Shiba Inu were burned in the last two days. In these recently burned Shiba Inu tokens, the largest amount of tokens is 168,944,352 tokens – more than half of the total mem-SHIB burned is accounted for by just one wallet.

It seems like the recent fire is having a positive impact on the price of Shiba Inu token as the Dogecoin killer is up 4.88% since March 24, as per the SHIB/USD chart on Binance and TradingView emerges. Earlier the price was around $0.00002505 but later it rose to $0.00002543.

Earlier, data agency IntoTheBlock reported on Shiba Inu’s profitability growth. Earlier this month, the price had fallen nearly 35% before recovering and later rallying to 41%.

Furthermore, it was also pointed out that a staggering 200,588,182,473 SHIB tokens were acquired from an anonymous whale account for approximately $5 million on the same day. The account completed the transaction six days later than a previous purchase, resulting in a total of 3,914,263,607,418 SHIB tokens being held.

Currently, the total amount in the current supply of SHIB tokens is more than 549 trillion, which will eventually be reduced by frequent burning. At the time of writing, the Shiba Inu coin price has fallen slightly and is trading at $0.00002436.

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