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SHIB Burn Rate Jumps 1,600%, Here's What Achievement Is Behind This

Fri, 11/11/2022 - 09:44
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Yuri Molchan
Amount of SHIB burned this time by community has increased manifold
SHIB Burn Rate Jumps 1,600%, Here's What Achievement Is Behind This
Cover image via stock.adobe.com

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Shibburn tracking service has spread the word about a massive rise of the SHIB burn rate over the past 24 hours - although the amount of SHIB removed from circulation is still far below those seen in the summer.

1,594% jump seen in SHIB burns

According to data shared by Shibburn Twitter handle, since yesterday morning, the growth of rate at which Shib tokens have been burned has grown by a whopping 1,594%, while slightly under 50 million meme coins were shifted to dead-end wallets.

The single largest transfers here contained 10,000,000 and 30,000,000 Shiba Inu.

On Thursday, the chunk of burned SHIB contained 9x fewer SHIB – 5,712,508 tokens.

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Image source: Shibburn

SHIB still surpasses Tron, whale holdings drop further

Earlier this week, SHIB had picked up enough speed to surpass TRX and SOL by the size of market capitalization value as it took 13th place on CoinMarketCap.

Today, Shiba Inu is still ahead of Tron's native token, but Solana has managed to win its place back in front of SHIB.

Along with that, the interest of Ethereum whales on SHIB, according to figures published by WhaleStats wallet tracking service, has decreased further.

On Thursday, the wallets of the 100 biggest investors on Ethereum contained $82,854,494 worth of Shiba Inu. Today, this amount has lost another $1 million in SHIB and now makes up $81,476,678.

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SHIB outperforms DOGE by 30%

This week, Shiba has outperformed the leading meme token, Dogecoin, by a staggering 30% as news of Shibarium Layer 2 protocol began to emerge on Twitter from its lead developer.

Besides, as the major FTX exchange put its foot in it and is now seeking more than $8 billion to avoid bankruptcy, SHIB has been growing - unlike other altcoins and even the flagship cryptocurrency, Bitcoin. The latter has shown a big slump, going below the ATH of December 2017, down to the $17,363 level.

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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.