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Shiba Inu Burn Rate Surges 155% with Over 208 Million SHIB Sent to Dead Wallet

Tue, 07/05/2022 - 14:29
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Tomiwabold Olajide
208 million Shib have been burned as of press time
Shiba Inu Burn Rate Surges 155% with Over 208 Million SHIB Sent to Dead Wallet
Cover image via stock.adobe.com

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The burn rate of Shiba Inu has considerably increased over the last 24 hours. A portion—that is 112,647,175 SHIB tokens—were destroyed and more than 15 transactions were reported by the Shibburn Twitter account a little over nine hours ago. This number is currently rising.

According to the Shibburn website, 208 million Shib have been burned as of the time of publication, with a 155% rise in the Shib burn rate.

Shibburn
Shib burn rate, Courtesy: Shibburn

According to the Shib burn Twitter account, an astounding 86,405,616 SHIB were just sent to dead wallets in a single transaction in the last hour.

Shiba Inu's large transactions jump 153%

Shiba Inu whales, or large holders, joined in the action as large transactions increased by 153% in the past day, according to statistics from IntoTheBlock. A transaction is often more than $100,000, and large transaction spikes are sometimes associated with increased activity from whales who are either buying or selling.

The analysis of the top 100 Shiba Inu holders by WhaleStats also revealed a 6.8% increase in the average Shiba Inu balance as a result of crypto whales dealing with billions of Shiba Inu and a rise in large transactions. In the past day, the average Shib value has also increased by 9.4%.

According to WhaleStats, SHIB has returned among the top 10 purchased tokens among the 1,000 biggest ETH whales, who now "hodl" $592,950,692 worth of SHIB.

As the lead Shiba Inu developer Shytoshi Kusama posted that he would soon share a Medium blogpost with the Shiba Inu community, anticipation is growing.

Shiba Inu was down 1.45% at $0.00001 at the time of publication, according to CoinMarketCap.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.