Wednesday, February 1, 2023
HomeCrypto NewsShiba InuOver 20M SHIB Burnt by Mysterious Wallet Holding 1B Shiba Inu 

Over 20M SHIB Burnt by Mysterious Wallet Holding 1B Shiba Inu 

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Large-Scale Burn of Shiba Inu Tokens: 23.68 million SHIB Removed from the Market in 24 Hours, Led by an Unknown Wallet

Over 23.68 million Shiba Inu (SHIB) tokens were burned in the last 24 hours, with 20 million coming from a single wallet.

Shiba Inu Community sent 23,680,004 (23.68M) SHIB to the dead wallet over four separate transactions in the previous day.

One of the significant burn transactions was carried out by a strange wallet that contained $9,672 worth of 1,049,097,076 (1.04B) SHIB. 

Data from Etherscan.io show that the stated wallet executed two sizable transactions roughly 15 hours ago that effectively permanently withdrew a sizeable portion of 20 million SHIB from circulation.

The overall burn rate for Shiba Inus increased by 38.31% over the previous day due to this significant burn.

Shiba Inu (SHIB) is the Top Holding of WazirX’s Reserves

In contrast, despite the collapse of the exchange FTX, a large number of crypto exchanges worldwide still disclose their “Proof of Reserves” (PoR). 

The most recent step in this trend is the release of the PoR by WazirX, India’s largest cryptocurrency exchange, which showed that the exchange has a 1:1 reserve-to-liability ratio.

WazirX, an Indian cryptocurrency exchange, has a sizable Proof of Reserves (PoR) of $284.45 million, as was previously reported

Shiba Inu (SHIB), which accounts for 19% of the exchange’s total reserves, is the top holding among the cryptocurrencies held by it, according to the report.

Shiba Inu (SHIB) tokens, particularly 6.09 trillion tokens worth about $54.2 million, are among the many Shiba Inu tokens that WazirX currently holds. 

Furthermore, it is noteworthy that, according to statistics provided by WazirX, Shiba Inu is the top holding on the site, followed by Ethereum and Bitcoin.

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