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SHIB Burn Rate Spikes 1083% Amid Highest Daily Burn in Weeks

Wed, 11/23/2022 - 12:02
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Tomiwabold Olajide
This is highest daily burn in weeks
SHIB Burn Rate Spikes 1083% Amid Highest Daily Burn in Weeks
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Per the Shibburn website, Shiba Inu's burn rate spiked a whopping 1,082% as millions of SHIB were sent to dead wallets. In the past 24 hours, there have been a total of 134,952,334 SHIB tokens burned in 10 transactions.

This would be the highest daily burn in weeks, with the previous high being 154 million SHIB on Oct. 12.

In the past few weeks, SHIB daily burns have fallen to barely a few million and even as low as 425,000 tokens, following bearish market conditions.

The 24-hour burn figure tallied at 136,859,223 SHIB at press time, as more transactions carrying SHIB to be burned were reported by the SHIB burn Twitter account. The figure might be higher in the following hours, as SHIB Burn says it is awaiting burns from Shib Burn radio ads and super-followers.

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SHIB Burn Rate Up 5,800% as Shiba Inu Sets Key Milestone

The Shiba Inu community is enthused following recent ecosystem developments, which is reflected in the burn amount.

SHIB lead developer Shytoshi Kusama took to Twitter yesterday to announce that the World Economic Forum, or WEF, wanted to work with the SHIB project on global policy. In a poll posted to Twitter on Nov. 22, Kusama asked the community if it would want SHIB to go ahead with the offer. At the time of publication, 62.6% of respondents voted in favor.

SHIB jumps 9%

At the time of publication, SHIB was changing hands at $0.0000090, up 9% in the last 24 hours. At the same time, the percentage of SHIB hodlers, or those who have held their tokens for more than a year, is at its highest (53%).

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SHIB Sets New Record in This Metric, Price Weighs Next Move

According to IntoTheBlock's data on holder composition by time held, 53% of SHIB holders have "hodled" their tokens for more than a year, 41% have held within a year and 6% have held onto their tokens for less than a month.

SHIB large holders seem to be making a move on the markets as, in the last 24 hours, large transactions were up by 41%.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.