According to the latest data shared by Shibburn, the Shiba Inu community in the last 24 hours SHIB has made significant progress in removing its tokens from the circulating supply.
Burn Rate Increased by 502%
in circulation shiba inu Currently, the transfer rate of coins to burn wallets has grown by approximately 502%. However, the amount of SHIB removed from circulation in this way is only equal to 6,010,896 coins. Burning means sending tokens to non-spendable wallets. In this way, they are permanently removed from the circulating supply. This way, theoretically, a token is made more scarce, which could lead to a significant price increase.
However, at the current rate of SHIB burning, it may take a long time for the community to reduce supply. Currently, there are 572,097,471,745,725 circulating SHIB tokens on the market. Compared to BabyDoge, another meme coin, its developers are making huge monthly purchases and burning of their crypto. On January 2, 682 trillion BabyDoges worth $1,091,200 were burned.
The WhaleStats on-chain data tracker shows that the Shiba Inu currently holds two key positions for the biggest whales on Ethereum. The most traded token and the largest coin by US dollar equivalent. The 100 largest whales in ETH currently hold $631,233,793 worth of SHIB. The dog-inspired coin currently ranks third on the list of assets, with ETH and USDT in the top two.