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SHIB Burns Rapidly Increase by 317% as Price Shows Rise

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Thu, 21/09/2023 - 9:45
SHIB Burns Rapidly Increase by 317% as Price Shows Rise
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Shibburn wallet tracker's data shows a massive rise of the Shiba Inu burn rate over the span of the last 24 hours, with more than 130 million meme coins sent to dead-end wallets. The majority of this SHIB was burned in an impressive single transfer.

Meanwhile, the Shiba Inu price made an attempt to rise since Wednesday, adding more than 3% to its value. A decline of 2.31% followed immediately, eliminating the overnight growth.

130 million SHIB sent to dead wallets

Per Shibburn's website, since yesterday morning, the joint efforts of the SHIB army have helped to dispose of 130,529,064 SHIB in total. This figure looks quite impressive, but in fact this amount of SHIB is worth merely $961.

This helped the SHIB burn rate climb an astounding 317.41%. An interesting fact is that nearly all these Shiba Inu coins were burned in one move – 100,776,829 SHIB were sent to an unspendable blockchain address approximately 22 hours ago.

Image via Shibburn

The anonymous whale who burnt that much SHIB still has 5,190,837,391 Shiba Inu meme coins left in his wallet.

The second biggest transaction after that one carried 12,894,064 SHIB. Yesterday, a 100,000,000 SHIB chunk was also burned, according to Shibburn.

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Shibarium sees inflow of new wallets

Shibariumscan explorer shows that over the last 24 hours, the Layer-2 blockchain built by the SHIB team and launched on Aug. 15 during the Blockchain Futurist Conference in Toronto has seen an inflow of more than 30,000 connected wallet addresses.

Unlike the total transaction count on Shibarium, the number of wallets has been growing slowly and is currently standing at 1,250,052. As for an overall count of transactions, today it has reached 2,995,779 and will perhaps reach 3,000,000 by the end of this week.

The number of daily transfers on Shibarium at the time of this writing constitutes 43,885; this metric has been moving in this range over the past week after reaching a massive peak of 200,900 transactions on Sept. 13.

Each transaction made on Shibarium makes its own contribution toward Shiba Inu burns, thanks to the developers' plan, according to which they set aside a portion of the gas fees paid in BONE, and once a certain amount of BONE gathers, they convert it into SHIB and send it to unspendable wallets.

So far, 0.512012141389 BONE have been accumulated in Shibarium transactions, according to a new tracking service launched by the Shibburn team.

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