SHIB Burn Rate Spikes 245%, Here's What's Happening to Price

According to a recent tweet published by Shibburn crypto tracker, within the last 24 hours, the SHIB army has locked away another massive amount of Shiba Inu tokens, i.e., burned them. This sent the burn rate up by nearly 250%.

Over 24 million SHIB were transferred to dead-end wallets, but half of those dog-themed coins were burned in a single transaction by an anonymous whale. Despite the major rise in the burn rate, the price remains negative.

SHIB burn surges 245%

The tweet of Shibburn shows that during the period of the past 24 hours, a total of 27,575,359 SHIB meme coins have been sent to dead addresses, thus bringing the figures of the burn rate up 244.69% compared to the burned SHIB count on April 20.

Approximately 50% of that burned SHIB stash was moved to a dead wallet in a single transfer. An anonymous wallet ending in -47ab0f transferred 14,239,888 Shiba Inu.

On the previous day, the SHIB army managed to burn a lot less, like 9,000,000 SHIB in total; however, the burn rate rise was as high as 3,100%. Still, since there are still 574,067,791,438,648 Shiba Inu circulating out there, all these burns are tiny, no matter how high the percentage rate jumps, and hardly have any effect on the Shiba Inu price.

Over the past seven days, 1,826,262,961 SHIB have been removed from circulation in total, according to the tweet.

HOURLY SHIB UPDATE$SHIB Price: $0.0000106 (1hr -0.18% ▼ | 24hr -3.36% ▼ )
Market Cap: $6,272,362,897 (-2.57% ▼)
Total Supply: 589,366,771,753,408

TOKENS BURNT
Past hour: 15,575,349 (2 transactions)
Past 24Hrs: 27,575,359 (244.69% ▲)
Past 7 Days: 1,826,262,961 (-40.9% ▼)

— Shibburn (@shibburn) April 21, 2023

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Whales continue to buy billions of SHIB

In the meantime, Shiba Inu whales keep stocking up on SHIB. According to an earlier U.Today article, two whales bought over 17 billion SHIB, grabbing 10.8 billion and 6.7 billion SHIB in two transactions detected by Etherscan.

Whales often speculate on tiny fluctuations of the SHIB price, buying billions as it goes a little lower and then selling them as the price goes up again. The tiny difference in price is well compensated by the gigantic amounts of the SHIB they buy and sell.

At the time of this writing, the second most popular meme token SHIB is changing hands at $0.00001058 after a 2.92% drop in the past 24 hours. Over the past week, the meme token has lost 7.17%, according to data provided by CoinMarketCap.