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27 Million Shiba Inu Removed, Pushing SHIB Burn Rate into Green Zone

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Thu, 16/02/2023 - 14:13
27 Million Shiba Inu Removed, Pushing SHIB Burn Rate into Green Zone
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According to the recent report by Shibburn data tracker, during the last 24 hours, various individuals and entities in the SHIB army have managed to destroy more than 27 million Shiba Inu canine tokens.

This took the burn rate of the second largest meme coin by market capitalization's value up to slightly under 100%.

27 million SHIB burned by SHIB army

In a recent tweet, the aforementioned source stated that within the period of the past 24 hours, a total of 27,164,707 SHIB was moved to dead-end addresses, where they were locked up permanently. Destroying this lump of Shiba Inu took the community 10 transactions. The burn rate went up by over 60%.

The so-called burning process helps to decrease the circulating amount of tokens, thus making the remaining ones more scarce. This may impact the price of the token positively, making it go up if the majority of tokens were burned.

Article image
Image via Shibburn

SHIB back in focus of ETH whales

Another recently published tweet shows that prominent meme token Shiba Inu has again interested the top ETH whales as it has returned to the list of the top 10 cryptocurrencies that have been most popular with buyers over the last 24 hours.

Besides that, SHIB remains the largest token in U.S. dollar equivalent for the 100 biggest holders on the Ethereum chain. At the time of this writing, they collectively own $674,264,313 in this popular dog-themed cryptocurrency. This comprises 14.4% of their combined portfolio.

Related

SHIB price action

Earlier today, Shiba Inu surged by over 9% on the news of the first Shibarium Medium post getting published by lead SHIB developer Shytoshi Kusama. Previously, he stated that Shibarium was ready; however, before the beta release he promised to publish several Medium articles to introduce Shibarium Layer-2 protocol to the world.

The first article in that series has already come out, pushing the SHIB price up. Since then, however, SHIB has lost momentum and gone down. Overall, the growth over the last 24 hours has constituted 7.18%. As of now, the coin is changing hands at the $0.00001348 level on the Binance exchange.

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