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Half Billion SHIB Destroyed, But Burn Rate Drops 27%: Report

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Tue, 05/24/2022 - 16:05
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Yuri Molchan
Another stunning amount of SHIB goes into "furnace" thanks to persistent efforts of SHIB community
Half Billion SHIB Destroyed, But Burn Rate Drops 27%: Report
Cover image via stock.adobe.com

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As reported by burn tracking platform Shibburn, over the past 24 hours, a staggering sum of Shiba Inu has been locked up in unspendable wallets by various members of the global SHIB army.

More than half a billion meme tokens have been shifted to dead-end wallets.

In the meantime, whales' purchasing activity related to SHIB has surged as their comprised Shiba Inu stash has increased by almost 25%.

525.2 million Shiba Inu destroyed

Shibburn tweeted that several soldiers in the Shib army have burned a total of 525,200,039 meme coins since yesterday morning.

The largest single transactions among those carried 93,303,458 SHIB 22 hours ago and 82,140,154 four hours ago. The burn rate however, has dropped by 26.99%.

shibburnratedrops_9900u89jmadsc
Image via Shibburn

As reported by U.Today, a day before, a mind-blowing 22 billion SHIB had been burned over the past seven days, and 667 million canine tokens were locked in unspendable wallets permanently within 24 hours.

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Whales add big amount of SHIB

According to WhaleStats on-chain data service that is focused on tracking the 100 largest wallets on Ethereum, Polygon and other chains, over the past 24 hours, Ethereum whales have added roughly $200 million worth of Shiba Inu to their holdings.

On May 23, they held a total of $588,788,065 worth of SHIB. Now, as per the main page of the WhaleStats website, this figure has grown to the equivalent of $833,034,530 in Shiba Inu.

The percentage of SHIB in whales' comprised portfolio has increased from 12.16% to 15.86%.

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Image via WhaleStats

At the time of writing, the 16th largest crypto, Shiba Inu, is sitting at $0.0000115 after a 6.65% drop over the past 24 hours. Currently, the meme coin is 86.93% below its historic peak of $0.00008, reached seven months ago in October.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.