Main navigation

SHIB Burn Rate 258% Up, Here’s How Many SHIB Gets Burned

Sat, 09/10/2022 - 11:16
article image
Yuri Molchan
Major SHIB burn tracker says that the burn rate has surged dramatically today; anonymous whale has sold 368 billion SHIB
SHIB Burn Rate 258% Up, Here’s How Many SHIB Gets Burned
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Shibburn Twitter account that represents the same-name burn tracker has announced on its website that over the past 24 hours, the overall burn rate of Shiba Inu soared by nearly 260 percent.

Burn rate spikes by 260%

At the same time, according to its recent tweet, in the past 24 hours, a total of 58,173,918 meme tokens have been sent to “inferno” wallets, in which SHIB gets permanently locked and cannot be spent or otherwise withdrawn. It has taken SHIB army ten transfers to shovel that amount of Shiba Inu.

These moves of SHIB to dead wallets are undertaken by the community regularly with a purpose of decreasing the circulating supply of SHIB and making it a more scarce asset. In theory this should raise the token’s price in the future. However, now that, roughly half of the supply in circulation has been burnt, the price has not been affected.

Image via Shibburn

Elon Musk and DOGE Co-Founder Make Fun of Uniswap and CZ Scam Twitter Bots on Halloween

Mysterious whale sells 368 billion SHIB

In the meantime, while some are burning SHIB, others are selling it, making healthy profits. As reported by @shibaplay_ Twitter user, a mysterious wallet has shifted a total of 367,551,968,153 Shiba Inu.

The transaction took place slightly over seven hours ago, according to Etherscan. The crypto was sent to the exchange, apparently to be sold. This many SHIB is worth $4,759,797 at the time of writing.

article image
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