The crypto market is trying to recover from the recent drop and most coins are struggling to break through the resistance levels. However, a mysterious wallet burned 116.47 million SHIBs, and Shiba Inu’s burn rate increased by 590.44% as a total of 132.06 million meme coins were burned in 14 separate transactions within 24 hours. Details are here.
In the past hour, there have been a total of 61,526,340 $SHIB tokens burned and 2 transactions. #shibarmy
— Shibburn (@shibburn) October 14, 2022
According to the report, the mystery wallet sent a staggering 61,526,340 (61.52 million) SHIB to “inferno” addresses in two transactions made about an hour ago. According to Etherscan.io, the anonymous wallet burned the same amount of Shiba Inu in each of the two transactions, i.e. 30,763,170 (30.76 million).
Before performing these two burns, the same wallet made a significant transaction about 10 hours ago with 54,946,535 (54.94 million) meme coins. lit. In total, the wallet alone has burned 116.47 million meme coins.
🔥 54,946,535 $SHIB -> transferred to dead wallet. https://t.co/4IgbEtn5SS
— Shibburn (@shibburn) October 13, 2022
As a result, the Shiba Inu burn rate increased by 590.44%, while the total 24-hour burn value reached 132,068,912 (132.06 million) SHIB.
Koinfinans.com As we reported, the two largest Shiba Inu Whales have purchased 256.98 Billion Shiba Inu worth $2.71 Million in the last 24 hours.
The decrease in supply and the growth in demand have increased Shiba Inu prices by 7.15% in the last 24 hours. At press time, the Shiba Inu is trading at $0.0000142 with 24-hour trading volume of $424,450,690 ($424.45 million).
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.