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

Sun, 11/06/2022 - 13:17
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Tomiwabold Olajide
SHIB burn tracker shows amount of SHIB burned to be 197,799,286 SHIB
SHIB Burn Rate Up 5,800% as Shiba Inu Sets Key Milestone
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Per the Shibburn website, Shiba Inu's burn gained a further 5,800% on Nov. 6. Millions more tokens were sent to dead wallets, which was reflected in an increase in the burn rate. In the last 24 hours, 93,876,540 SHIB tokens were burned and 9 transactions were made. This is quite significant as only 2.1 million SHIB were burned the previous day.

In the last seven days, the SHIB burn tracker shows the amount of SHIB burned to be 197,799,286 SHIB.

Shiba Inu Burn Rate Jumps 412% as SHIB Price Regains Key Level

Meanwhile, Shiba Inu continues setting new highs in its holder count, which is now at 1,237,156, according to WhaleStats data. Additionally, holders' conviction appears to be at an all-time high. The majority of SHIB holders at the moment — exactly 97% — are mid- and long-term investors.

An interesting phenomenon is being seen as the shares of midterm and long-term holders approach parity. The percentage of long-term investors, or "hodlers," has climbed to 48%, while that of midterm investors is currently 49%, according to data from IntoTheBlock.

The last 24 hours have seen a staggering amount of SHIB move between wallets. According to the crypto data tracker Whale Alert, a whopping 3,400,897,761,900 SHIB worth $43,022,376 were moved between wallets.

Expectations rise on imminent Shibarium launch

Currently, expectations are in place for an imminent Shibarium release. An official Twitter account, @shibariumnet, has been unveiled, which has over 20,800 followers at press time.

According to the team, this will eventually become a social information hub for all things related to the Shibarium Network and Protocol.

As reported by U.Today, Shibarium is nearing a public beta release, according to recent updates provided by Unification.

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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.