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Trillions of Shiba Inu Wired Despite Massive Drop in SHIB Burn Rate

Thu, 01/26/2023 - 14:48
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Yuri Molchan
Over three trillion meme coins set on the move earlier today, according to this blockchain tracker
Trillions of Shiba Inu Wired Despite Massive Drop in SHIB Burn Rate
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Contents

Popular crypto tracking platform Whale Alert spreads the word about another mind-blowing chunk of Shiba Inu that has been moved between anonymous crypto addresses.

In the meantime, the daily burn rate of Shiba Inu has demonstrated a big plunge, dropping by nearly 100%.

Trillions of SHIB on the move

Whale Alert detected a single transfer in which a total of 3,312,307,240,798 Shiba Inu meme coins were moved. This amount of the dog-themed cryptocurrency is now evaluated at $38,257,148. It was shoveled between wallets that the aforementioned tracking platform marked as "unknown" for its Twitter audience.

Earlier this month, Whale Alert reported several similar SHIB transactions taking place on various days of January. They were all made between wallets with unregistered owners â€” possibly internal transactions made by exchanges or whales redistributing their digital wealth.

Over the past 24 hours, the Shiba Inu price grew by slightly over 4%, now trading at the $0.00001160 mark. The biggest recent price jump shown by SHIB took place last week on Jan. 18 when, within a few hours, the price of the meme coin spiked by over 20%, hitting $0.00001273.

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SHIB burn rate rolling back

The amount of Shiba Inu tokens burned during the past 24 hours has proven to be nearly 100% lower than the day before; thus, the burn rate of SHIB plunged by 91.3% as only as little as 238,419 Shiba Inu have been sent to "inferno" addresses.

Unlike today, Jan. 25, the Shiba community managed to remove more than 110,000,000 meme coins.

More bullish news on Shibarium arrives

Recently, lead SHIB developer Shytoshi Kusama took to Discord to voice his bullish expectations about Shibarium Layer 2 protocol. When it finally gets launched, he expects various other projects to come over to Shibarium. In particular, he mentioned Falcon 9 (F9), Ufo, Mbet and other Ethereum-based projects.

The upcoming release of Shibarium beta version was announced by the official Shiba Inu account earlier this year, pushing the price of SHIB up quite substantially.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.