Shiba Inu burn rate has shown staggering new percentage rise

The Shiba Inu community has now been able to increase the burn rate of SHIB to a new level, according to a recent message from the Shibburn tracker of transactions that send SHIB to “inferno” wallets. The well-known meme coin achieved a new milestone for the top whales on the Ethereum network.

The Shiba Inu army’s combined efforts have allowed the overall rate at which SHIB tokens have been transferred to non-spendable wallets to increase to an astonishing 7,909% level during the past 24 hours. 43,192,603 Shiba Inus have been stored in “inferno” wallets.

The total number of meme tokens burned during the past week is 148,357,592 SHIB. By shifting tokens to unspendable addresses and burning them, you can increase the scarcity of tokens by reducing their supply in circulation. Theoretically, the scarcer an asset is, its price may increase.

According to information provided by CoinMarketCap, 549,063,278,876,302 Shiba Inu meme coins are currently in use on the market. The data on the Shibburn website is slightly different because it indicates that there are currently 572,486,984,175,662 in circulation.

Yet, the Shiba Inu community has been able to burn 410,385,292,187,342 SHIB from the initial supply of one quadrillion, according to the Shibburn website, since late 2021.

Another cryptocurrency tracker, WhaleStats, monitors the largest wallets across multiple blockchains, including Ethereum, Polygon, and BNB Chain, and has reported that SHIB recently dethroned Chainlink’s native currency, LINK, as the most traded cryptocurrency asset.

Yet afterward, LINK was able to reclaim this well-liked position. Nonetheless, SHIB remains among the top 100 Ethereum investors in terms of U.S. dollar equivalent holdings. The investors on the second-largest blockchain currently hold $601,204,724 in Shiba Inu, representing little less than 12% of their total cryptocurrency holdings.


SHIB/USD 4-hour chart | Source: TradingView

The SHIB coin is trading at $0.00001133 after seeing a 6% price decline over the past 24 hours.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like