316M SHIB Burned In 2 Days As SHIB Surpasses FTT on Top 10 Holdings List

While Shib has succeeded in surpassing FTX in whales' wallets, community has destroyed massive amount of coins within 2 days

The Shiba Inu community has gotten rid of a significant number of SHIB in the last two days, putting them in unspendable wallets.

Meanwhile, the second largest canine cryptocurrency has eclipsed its normal superior, FTX Token, to take the tenth rank among the top crypto holdings by USD value during the last 24 hours.

Over the past two days, the SHIB army has shifted a total of 315.7 million Shiba Inu canine coins to dead-end wallets, removing them from the overall SHIB supply circulating out there at the moment.

Various burn initiatives transmitted 75,737,142 coins in the last 24 hours, requiring 11 transactions to lock that many SHIB. On June 14, the total quantity of SHIB burnt in 24 hours was more than a quarter of a billion Shiba Inu—239,535,584 Shiba Inu.

Burning tokens is a common activity in the crypto sector since it is a failsafe means of reducing the quantity of cryptos circulating and thus increasing the likelihood of its price skyrocketing in the long run.

The on-chain statistics portal WhaleStats, which focuses on the top 100 wallets on Ethereum, BSC, Polygon, and other chains, has spread the news about Shiba Inu trading places with a currency that is normally one slot higher than SHIB on the list of ETH whales' top ten holdings.

This time, Shiba has surpassed FTX Token (FTT), the native coin of the popular U.S.-based FTX exchange. However, along with this, the total amount of SHIB held by these whales has dropped slightly below $400 million, reaching a negative milestone. SHIB is now sitting in third place, with FTT holding fourth place.