SHIB Token Burn Sees 666% Surge, Fuelling Speculation of Hellish Destruction

The Shiba Inu (SHIB) community witnessed a staggering 666% rise in token burn, leading to speculations of a “hell of SHIB” being destroyed. However, the actual amount of SHIB transferred to unspendable wallets, effectively burned, amounted to a modest 5,079,812 SHIB.

The latest hourly update from Shibarium revealed that the price of $SHIB currently stands at $0.00000871, indicating a minor increase of 0.07% in the past hour. However, the token experienced a slight dip of 0.72% over the past 24 hours. The market capitalization decreased by 0.47% to reach $5,134,792,998.

In terms of supply, the total number of SHIB coins stands at a mind-boggling 589,357,963,331,766.

What caught the attention of market observers is the significant increase in SHIB holdings by major investors. Data aggregator IntoTheBlock reported that these influential SHIB holders have rapidly acquired massive amounts of this popular meme cryptocurrency. Within just 24 hours this week, their holdings surged by over 20 trillion SHIB. Similar spikes were previously detected in late March and January, earlier in the year.

As of the time of writing, SHIB is being traded at $0.0000876, representing a slight 0.8% increase in the past 24 hours, according to Coingecko.

While the rise in token burn may not have been as dramatic as initially presumed, it is clear that major holders are actively accumulating SHIB. This ongoing trend of increased holdings suggests a growing interest in the cryptocurrency, which could potentially impact its future price movements and market dynamics.

Investors and enthusiasts alike will be keeping a close eye on the SHIB ecosystem as it continues to evolve, with expectations of further developments and potential surprises on the horizon.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like