According to the Shibburn website, millions of SHIBs have been sent to unused-dead wallets in the past 24 hours, and the Shiba Inu’s burn rate has increased by 584%.
According to data provided by the Shibburn monitoring platform, in the last 24 hours, the meme coin burn rate has unexpectedly increased by 584.32% compared to the previous 24-hour period when only 5 million (5,648,676) SHIBs were burned. A total of 48 million meme coins were sent to dead-unused wallets through the joint efforts of the SHIB military.
Last week, 395,803,998 SHIB tokens were burned in 48 transactions, adding more to the hundreds of millions of SHIB burned since the start of October. So far, 410,382,016,984,249 SHIBs have been burned from an initial supply of 1 quadrillion.
Meme coin and whales
Koinfinans.com As we reported, there has been a slight increase in large transactions involving Shiba Inu, proving that whales are making a move in the market. According to IntoTheBlock, large transaction fluctuations are linked to increased activity of whales buying or selling. In the last 24 hours, large transactions have also increased by 31% as the Shiba Inu remains above $0.0000010.
At the time of writing, SHIB is trading at $0.0000103, down marginally in the last 24 hours. This time last year, the Shiba Inu started a bull run and hit an all-time high of $0.000088.
Unlike other cryptocurrencies, which have been affected by the bearish market conditions that have prevailed since the beginning of 2022, the Shiba Inu remains approximately 88.36% below this peak at current prices.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.