Millions of Shiba Inu have been burned in past 24 hours, major holders acquire another 25 trillion tokens

By Selena On Mar 24, 2023

Millions of SHIB have been burned in the last 24 hours, according to the Shibburn Twitter account. In the previous 24 hours, a total of 17,471,415 SHIB tokens have been burned in 13 transactions.

Thus far, 871,678,685 SHIB tokens have been burned in the last seven days. The daily burn rate, on the other hand, has decreased by 36.39%.

HOURLY SHIB UPDATE$SHIB Price: $0.00001069 (1hr -0.22% ▼ | 24hr -1.38% ▼ )
Market Cap: $6,297,075,887 (-1.14% ▼)
Total Supply: 589,608,985,686,871

TOKENS BURNT
Past hour: 38,649 (1 transaction)
Past 24Hrs: 17,497,315 (-36.25% ▼)
Past 7 Days: 871,717,335 (-70.25% ▼)

— Shibburn (@shibburn) March 24, 2023

Large holders, or whales, are making moves in the market as the number of large SHIB transactions has increased in the last 24 hours.

According to IntoTheBlock, huge transaction spikes are frequently caused by a boost in whale activity, either buying or selling, and a transaction is typically greater than $100,000. Large transactions increased by 63% in the last 24 hours.

SHIB was trading at $0.00001059 at the time of writing, down somewhat in the previous 24 hours.

SHIB/USD 4-hour chart | Source: TradingView

Lucie Shib, a Shiba Inu community-focused account, has reported new Shibarium Layer 2 upgrades. While the team is working on the Upcoming update, the Shibarium protocol gained a new chain ID.

this is the new pic.twitter.com/MyxZJ2NThd

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) March 24, 2023

It should be noted that just last week, Shiba Inu developer Kaal Dhairya committed to installing a new chain ID in reaction to the uproar caused when a Shiba Inu Discord channel member pointed out that the Shibarium chain and the Rinia testnet chain both had the same Chain ID, 917.

A SHIB community member tweeted, “Now the new chain ID for Shibarium BETA is 719,” along with a screenshot of Shib testnet RPC.

Shiba Inu (SHIB) Price Ready for Next Move

The ownership structure of Shiba Inu tokens has changed significantly since the beginning of this week, according to the crypto analytics portal IntoTheBlock. In less than five days, about 25 trillion Shiba Inu tokens have changed hands, although the direction of their movement can hardly be described as favorable.

The SHIB price, on the other hand, has seen volatility fade and the emergence of a wedge-like technical analysis pattern this week. The Shiba Inu token price will likely skyrocket shortly. It was unclear if it would move north or south at the time.

The biggest SHIB inflows have come from whale wallets, which hold at least 1% of the total token supply. IntoTheBlock lists 15 such addresses, with a balance of more than 25 trillion SHIB since Monday. It should be noted that most of these wallets are hot addresses of cryptocurrency exchanges designed to hold assets.

Also, the balances of wallets between 0.1% and 1% of Shiba Inu’s token supply grew by 3.31 trillion SHIB. There are 43 such addresses, most of which are also associated with cryptocurrency exchanges. Meanwhile, the aggregate wallet balance of retail investors, defined as ordinary addresses holding less than 0.1% of SHIB’s supply, fell by 3.44 trillion tokens.

As a result, this week saw an influx of Shiba Inu tokens on exchanges while ordinary investors’ wallets were emptying simultaneously. This is frequently interpreted as a sign that the audience is losing faith in the asset and is selling their shares.

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