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SHIB Burn Rate Spikes 13,198% as Hundreds of Millions of Shiba Inu Get Removed

Sat, 31/12/2022 - 9:30
SHIB Burn Rate Spikes 13,198% as Hundreds of Millions of Shiba Inu Get Removed
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Prominent burn tracker Shibburn has shared on its website that over the past 24 hours, the pace at which Shiba Inu meme tokens get burned by the community went high in the sky. It happened as several hundred million SHIB were sent to unspendable SHIB wallets.

Meanwhile, the popular meme coin has reached a few important milestones related to holders and crypto trading.

SHIB burn rate skyrockets by over 13,000%

The aforementioned crypto tracking platform shows that over the period of the past 24 hours, the SHIB army succeeded in sending 302,506,518 meme coins. This pushed the burn rate up an astounding 13,198%.

This amount of SHIB burned within one day and night exceeds the majority of total daily lumps of SHIB burned this fall and winter so far. Overall, the daily and therefore weekly amounts of burned Shiba Inu coins over the past four months have plunged greatly.

However, as reported by U.Today, this year, the tenacious SHIB army has managed to remove around 83 billion meme coins — this data was shared by the SHIB Burn Tracker website.

This massive amount of SHIB is equal to approximately $1.74 million at an annual arithmetic average SHIB price of $0.000021. However, it constitutes merely 0.014% of the overall Shiba Inu token supply in circulation.

Image via Shibburn

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SHIB rating soars by these metrics

As reported by WhaleStats, a wallet tracking platform that analyses data from several blockchains, including Ethereum, Binance Smart Chain, Polygon and others, the Shiba Inu token has entered several top 10 lists related to the largest whales on Ethereum.

First of all, SHIB has so far managed to stay on the top 10 list of assets held by the 100 largest wallets on this chain. Then, this meme coin has also emerged on the list of top 10 coins with the highest trading volume and become one of the 10 most purchased crypto assets, according to WhaleStats.

At the time of this writing, the 100 largest whales on Ethereum own $44,978,649 worth of SHIB. That is 2.03% of their comprised portfolio.


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