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'Diabolic Burns' of SHIB Take Place as Burn Rate Jumps 666%: Details

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Sat, 20/05/2023 - 20:00
'Diabolic Burns' of SHIB Take Place as Burn Rate Jumps 666%: Details
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Earlier today, the Shibburn tracking service, which is focused on SHIB burn transfers, tweeted that the burn rate of these meme coins had spiked by a significant 666% — a number with negative associations for some.

Significant percentage rise in SHIB burn rate

One may think that since the rise is 666%, then a "hell of SHIB" were probably destroyed. In reality, the amount of Shiba Inu coins transferred to unspendable wallets, i.e., burned, stands at merely 5,079,812 SHIB.

Overall, within the past seven days, the number of SHIB removed by various SHIB army activists constitutes 3,075,500,963 SHIB. Nearly all of this staggering amount was burned in merely one transaction earlier this week when as unknown whale transacted 3,016,073,367 SHIB to a dead-end wallet.

Related

Size of SHIB holders' holdings surges

As reported by U.Today earlier this week, IntoTheBlock data aggregator shared that major SHIB holders have been rapidly acquiring massive amounts of this prominent meme cryptocurrency.

Just within 24 hours this week, their holdings spiked by over 20 trillion SHIB. Last time similar spikes in this metric were detected in late March and prior to that it happened in January as 2023 only kicked off.

Here's how fifth largest SHIB and DOGE whale emerged

On May 17, an anonymous wallet received four jaw-dropping transactions, each carrying 5 trillion SHIB. That immediately turned the owner into the fifth largest SHIB whale in the crypto space as he received 20 trillion SHIB in total.

Prior to that, though, he also received over 3 billion Dogecoin, thus becoming the fifth biggest DOGE holder as well. These SHIB and Dogecoin transfers were noticed by several crypto tracking platforms — Whale Alert and Lookonchain, which they immediately shared with the crypto community.

At the time of this writing, SHIB is changing hands at $0.0000868 after a small, 0.33%, drop during the past 24 hours, according to data provided by CoinMarketCap.

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