Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
U.Today - Popular onchain data platform Shibburn, which tracks SHIB burn transactions on the Ethereum chain and then shares the details on its website and its X handle, has noticed a massive SHIB transaction which proved to be a burn transfer.
20,000,000 SHIB burned in single move
A large chunk of meme coins has been destroyed in just minutes – 20,000,000 SHIB disappeared in a virtual furnace, i.e. an unspendable blockchain address. According to the abovesaid source, the burn was conducted by an anonymous whale who spent the money on purchasing the SHIB chunk and then sent it out of the circulating supply.Overall, today, the SHIB community has so far succeeded in destroying 20,794,281 SHIB, driving the daily burn rate by 34.24% up.
As for the weekly burns, 122,135,883 SHIB has been destroyed over the past seven days. In total, by now, the SHIB community together with the Shiba Inu developer team have managed to dispose of 410,744,744,227,515 SHIB. 410,744,744,227,515 Shiba Inu continues to circulate.
SHIB price down 15.78%
Meanwhile, the price of the prominent meme-inspired cryptocurrency Shiba Inu has plunged by almost 16% over the past 24 hours. After SHIB lost the $0.00001517 level on Monday, it has by now landed on $0.00001286, where it is trading as of this writing.This decline came after an 11.24% surge experienced by the meme coin on Sunday, when US president gave the green light to the US Strategic Crypto Reserve. This reserve, according to his posts on Truth Social, will include not only the crypto giants Bitcoin and Ethereum but also top-ten altcoins ADA, XRP, and SOL.
Bitcoin soared by more than 10% on Trump’s announcement, pulling the whole crypto market upwards. However, it later crashed by 12.18%, sharply going down from $94,240 to the $82,760 zone. By now, Bitcoin has put up a marginal recovery of 2.6% and is changing hands at $84,830 per coin.