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SHIB Skyrockets 2,834% In This Metric Despite Price Remaining 6% Down

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Wed, 12/06/2024 - 7:15
SHIB Skyrockets 2,834% In This Metric Despite Price Remaining 6% Down
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The Shibburn tracking platform has shared that an astounding number of SHIB meme coins has been transferred to dead-end wallets - this time it was several hundred million of them.

This tremendous cumulative burn took place while the meme coin’s price remains down and has only managed to recover slightly after a more than 8% decline on Tuesday.

SHIB burns surge 2,834%

The above-mentioned data source has shared that within the last 24 hours, one of the key SHIB metrics – the burn rate – has demonstrated an impressive surge, jumping by 2,834%. 

While the burn rate figure has not changed much since Tuesday, the amount of meme coins that have been removed from the circulating supply has grown drastically – from slightly over seven million to a whopping 232,222,042 SHIB.

There have been eight burn transactions so far, and the largest one transferred 225,637,580 SHIB to an unspendable wallet, which accounts for nearly all of the burned amount of SHIB.

Article image
Image via Shibburn

The other three large transfers on this list carried almost two million SHIB coins each to dead wallets.

Related

SHIB price behavior

Over the last 24 hours, the SHIB price demonstrated a 8.8% decline, falling from $0.00002350 to the $0.00002207 price line. It has then attempted to break out from that support twice, surging to the $0.00002206 level. 

It was pushed back down after the first attempt, but then it strove to rise once again and is so far changing hands at this level, having increased by 3%.

This price decline coincided with increased whale activity when 4.3 trillion SHIB were transferred to the Coinbase exchange to be sold (a large portion of those coins was bought back in 2021), and 600 billion SHIB were purchased on Robinhood and withdrawn to a cold wallet.

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