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SHIB Burn Rate Soars 502% as Shiba Inu Strives for Big Rise

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Fri, 3/02/2023 - 14:34
SHIB Burn Rate Soars 502% as Shiba Inu Strives for Big Rise
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According to recent data shared by the Shibburn tracking website, over the period of the last 24 hours, the Shiba Inu community has substantially advanced in removing SHIB meme tokens from the circulating supply.

Still, despite the fact that the percentage growth is high, the actual amount of burned meme coins leaves a lot to be desired this time.

In the meantime, SHIB has been striving to rise in price today. It has managed to rise by around 3.27% twice, hitting the $0.00001260 level but then each time dropping back down.

Burn rate pushed up 502%

The rate at which circulating Shiba Inu coins are being removed to dead-end wallets right now has shown growth of roughly 502%. However, the amount of SHIB taken out of circulation this way equals merely 6,010,896 dog-themed tokens.

Burning means sending tokens to unspendable wallets. This way, they are taken out of the circulating supply for good. This way, in theory, a token is made more scarce, which may lead to a significant price surge.

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Image via Shibburn

However, at the current pace of burning SHIB, the community may take a long time to reduce the supply;  currently, there are 549,063,278,876,302 circulating SHIB tokens on the market, according to CoinMarketCap.

Compared with another meme coin, BabyDoge, its developers conduct monthly massive buyouts and burns of their crypto. On Jan. 2, they burned 682 trillion BabyDoge worth $1,091,200.

Related

SHIB wins by these two metrics

WhaleStats on-chain data tracker website shows that Shiba Inu holds, at the moment, two major positions for the largest whales on Ethereum: it is a) the most-traded token, and b) the biggest coin by U.S. Dollar equivalent.

The 100 largest whales on ETH are currently holding $631,233,793 worth of SHIB. The dog-inspired coin is holding third position on the list of their assets now, with ETH and USDT sitting in the first two.

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