Nearly 30 million Shiba Inu(CRYPTO: SHIB) tokens have been permanently removed from circulation.
This move comes amidst a significant price correction for the meme coin, which saw a sharp decline following a recent peak. The Shibburn tracker, dedicated to monitoring SHIB burn transactions, reported that these tokens were sent to an unspendable blockchain address through six separate transactions, effectively reducing the available supply of SHIB.
Over 21 million SHIB tokens were burned in the largest transactions, contributing to the community's ongoing efforts to make Shiba Inu a more scarce asset.
Many see this burning mechanism as a way to increase the value of the remaining tokens by reducing the overall supply.
Shiba Inu's price has experienced a tumultuous period, with a significant 19.20% drop over the past two days, including a 13.17% fall in the last 24 hours alone.
This decline followed a remarkable high when SHIB eliminated two zeros from its value, reaching the $0.00003 level. However, it has since corrected to trade at around $0.0000272.
The downturn in SHIB's price mirrors a broader correction in the cryptocurrency market, led by Bitcoin's (CRYPTO: BTC) recent retreat from its historic peak of $73,750 to $67,279 at the time of writing.
Meanwhile, an astonishing 382 billion SHIB tokens, worth approximately $10.2 million, were transferred to an unknown wallet within a span of just 20 hours, reported Etherscan.
The movement involved two significant transactions, sparking speculation and intrigue among investors and analysts alike.
The first transaction saw an anonymous entity moving 357.97 billion SHIB, valued at around $9.77 million, into a mysterious wallet. This was soon followed by a second transfer of 24.09 billion SHIB, worth $601,520, reportedly from the Bitvavo exchange.
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