Over half a billion Shiba Inu meme coins have been sent to dead-end wallets over the past 24 hours, according to the @shibburn service that tracks Shiba Inu burn transactions on Etherscan.
SHIB army keeps removing tokens The website of the Shibburn service shows that since yesterday morning, a whopping 600,729,245 canine coins have been sent to several "inferno" crypto addresses, from where no one can spend or withdraw them. It took the participants five transactions to achieve that.
The largest single transfer on that list carried 595,232,837 SHIB.
I keep reading about this, but struggling to understand its exact impact. Could you break down/put into context what kind of quantity needs to be burnt for this to start having major impacts on price action, if you know? This process of them burning toke a makes holding for 3-5 years seem way more interesting than before in my opinion, I’d just like to understand it better
suppretbicold
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@jrcampbell12, Okay good question firstly ARE you a trader and how long have you been into trading?
jrcampbell12
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@suppretbicold, yes, but only in the sense that I do trade crypto (spot only and nothing too big). I’m self employed and fairly hands on w my retirement investing and working with my financial advisor, who’s also someone I consider a friend. Been learning and doing a lot of self educating over the last 5 years, but I am definitely in the educational phase of investing w the hopes of getting more into it in the future. I’m more into crypto than traditional stocks bc I don’t believe in the value of the dollar and the fact it’s essentially based on nothing, so if I’m going to invest in somethg that really has no value and people just agree it now has value, I would prefer it to be progressive (meaning technological/internet driven and independent of governments as much as can be expected). Some of the technical aspects of crypto like this are sometimes hard to keep up w for someone not fully into that world. I’m very into learning chart analysis too.