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SHIB Burns Jump as Shiba Inu Surpasses XLM, BCH and AVAX: Details

Sat, 07/29/2023 - 08:00
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Yuri Molchan
Shiba Inu has made successful effort to outperform these major altcoins, while SHIB burn rate went up
SHIB Burns Jump as Shiba Inu Surpasses XLM, BCH and AVAX: Details
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Shibburn wallet tracker has reported that since last morning, better-than-nothing progress in SHIB burns has been achieved as the burn rate of this popular meme coin has gone up by a couple of hundred percent.

In the meantime, SHIB has jumped up on the list of top cryptocurrencies in terms of market cap, and whales have acquired more than a trillion Shiba Inu recently.

SHIB burn rate goes up

According to the aforementioned source tracker, over the span of the past 24 hours, the SHIB burn rate has risen by 240.91% as 95,122,875 Shiba Inu were burned in total thanks to 26 transactions.

The largest amount of SHIB that was moved to a dead-end wallet was 37,691,762 around 10 hours ago.

Image via Shibburn

"Burning" coins means that they are transferred to wallets from which nobody can spend them or withdraw in any other way. Thus, the circulating supply gradually shrinks, making the coin more scarce. This, in theory, increases the odds of its price going up.

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SHIB leaves XLM, BCH behind, whales grab 1.11 trillion SHIB

Over the past 24 hours, according to CoinMarketCap, the second most popular meme coin SHIB has climbed to the 14th position. It is changing hands at $0.000008192 after 5.44% growth since yesterday.

Now, SHIB has surpassed several major altcoins: Bitcoin Cash (BCH), Stellar (XLM), DAI, Avalanche (AVAX), Toncoin (TON) and several others.

According to a tweet shared by Santiment on-chain data aggregator, shark and dolphin wallets that hold between 10 million and 100 billion Shiba Inu have purchased roughly $9 million worth of SHIB within less than eight weeks. This is equal to 1.11 trillion of these canine coins.

Overall, Santiment commented SHIB has turned into a "surprise winner" during the last hours of a "particularly dull trading week."

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at