Despite the intense efforts of the Shiba Inu community, the SHIB burn rate has decreased dramatically


The SHIB army is burning as many meme coins as possible, but it is not enough to lower the existing supply.

The Shiba Inu meme currency community strives to destroy more SHIB coins every day, but they have encountered a hitch. Still, SHIB enthusiasts anticipate the debut of Shibarium, when it is expected that billions of the second-largest meme currency, SHIB, would be eliminated.

According to the website of Shibburn, a tracker of withdrawn Shiba Inu tokens, the burn rate of SHIB has decreased by 63.85% during the previous 24 hours as 10,247,830 meme coins have been relocated to unspendable wallets.

The previous day, the SHIB army demonstrated an extraordinary increase in the burn rate, which reached a staggering 28,385%. This number was slightly deceptive since only 28,485,444 meme coins were transferred to “inferno” wallets. Nonetheless, this percentage increase is the largest in the preceding several months.

As previously reported by U.Today, the dip may be due to short-term traders losing interest in the aforementioned meme currency. The present price movement of SHIB is not profitable for them.

Large long-term investors on the Ethereum chain, or “whales” as they are sometimes referred to in the cryptocurrency sector, continue to hold Shiba Inu as the leading crypto asset by USD value. SHIB presently ranks third on their top 10 list, after Ethereum and the USDT stablecoin.

These huge wallets hold a total of $603,812,711 worth of SHIB at the time of writing. According to the WhaleStats wallet tracker, this represents 16.02% of their crypto holdings.

Also Read: Polygon (MATIC) Priced At $1.15 As On-Chain Strength Continues

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