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SHIB Community Pushes Burn Rate up 7,900% as Shiba Inu Hits New Milestone

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Fri, 3/03/2023 - 13:35
SHIB Community Pushes Burn Rate up 7,900% as Shiba Inu Hits New Milestone
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According to a recent message from the Shibburn tracker of transactions that sends SHIB to "inferno" wallets, in the last 24 hours, the Shiba Inu community has succeeded in finally raising the burn rate of SHIB to a new high.

In the meantime, the prominent meme coin reached a new milestone for the top whales on the Ethereum chain.

Burn rate up nearly 8,000%

Thanks to the joined efforts of the Shiba Inu army, the overall rate at which SHIB tokens have been shifted to unspendable wallets has risen to the astounding 7,909% level within the last 24 hours.

Over this period of time, a total of 43,192,603 Shiba Inu has been locked into "inferno" wallets. Over the past week, the overall amount of burned meme tokens constitutes 148,357,592 SHIB, according to the tweet.

Burning tokens, i.e., moving them to unspendable addresses, helps to decrease the circulating amount of tokens and thus makes them more scarce. The more scarce an asset is, the higher its price may go, at least in theory.

In the case of Shiba Inu, at the moment, there are 549,063,278,876,302 meme coins in circulation on the market, according to data provided by CoinMarketCap. The Shibburn website's data is a little different as it shows there are 572,486,984,175,662 circulating at the moment.

Still, per the Shibburn site, since late 2021, the Shiba Inu community has managed to burn 410,385,292,187,342 SHIB from the initial supply of one quadrillion.

Related

New milestone for Shiba Inu

Another crypto tracker, WhaleStats, which traces the biggest wallets on several blockchains, including Ethereum, Polygon and BNB Chain, has announced that several hours ago, SHIB pushed Chainlink's native currency LINK from the position of the most popular crypto asset with traders.

Later on, however, LINK managed to recapture this popular spot. Still, SHIB remains the largest holding of the biggest 100 investors on Ethereum in U.S. dollar equivalent.

At the time of this writing, the above-mentioned investors on the second largest blockchain hold $601,204,724 in Shiba Inu — that is slightly less than 12% of their combined crypto portfolio.

At press time, SHIB token is changing hands at $0.00001132 after a 5.42% price drop demonstrated over the past 24 hours, per data shared by CoinMarketCap.

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