Shiba Inu Burn Rate Jumps 107% as Whales Sell $1 Million in SHIB

Prominent tracking platform for burning SHIB tokens Shibburn spreads the word about a substantial rise in the burn rate of SHIB over the past 24 hours.

In the meantime, largest SHIB-holding whales on the Ethereum chain have dumped another $1 million worth of this leading canine token.

107% rise on SHIB burn rate noticed

Over the past 24 hours, the Shiba Inu community has managed to burn 4,141,868 SHIB coins. Compared to the previous day, the SHIB army made significant progress, as on Dec. 14, the burn rate was down 95%.

The goal of burning coins – not only SHIB – is to remove the circulating supply to the greatest possible degree, thus making a coin more scarce. This should, in theory, impact the price by letting it soar through the roof. However, it has not happened to the price of Shiba Inu so far despite the fact that, as reported by U.Today on Wednesday, half of the SHIB supply in circulation has already been destroyed.

The "burned" coins are moved to dead-end wallets, where they get locked up permanently without a chance of anyone being able to spend them or withdraw otherwise.

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SHIB whales dump another $1 million in meme coins

As reported by WhaleStats tracker of the largest wallets on several chains, including Ethereum and Binance Smart Chain (also known as BNB Chain), during the past 24 hours, their comprised stash of SHIB has shrunk by approximately one million USD worth of Shiba Inu.

At the time of publication, they are holding collectively $51,540,053 worth of SHIB. This is 5,787,392,289,088 meme coins, or 2.33%, of the top 100 ETH whales' portfolios.

On Dec. 14, this figure was a little different. They held $52,839,210 in Shiba Inu. Now, roughly $1 million in it is gone. The percentage of meme coins they owned yesterday was 2.38. A day before that, SHIB had sold 1,735,357,917,570 SHIB. Thus, today, their collective portfolio of SHIB has shrunk even more.

Over 2,000 new users come for SHIB

Since yesterday, the total holder count of the second biggest canine crypto in terms of market capitalization has also grown quite substantially.

Compared to 1,263,179 on Wednesday, now this metric has increased by approximately 2,000 and stands at 1,265,003 SHIB users.

At the time of this writing, Shiba Inu is changing hands at $0.000008871, losing nearly 4% in the past 24 hours.