SHIB Burn Rates Climb 1,600%


The Shibburn monitoring service has disseminated news of a dramatic increase in the SHIB burn rate over the previous twenty-four hours, but the volume of SHIB eliminated from circulation is still much below summer levels.

According to statistics published by the Shibburn Twitter account, the pace at which Shib tokens have been burnt has increased by a staggering 1,594 percent since yesterday morning. In contrast, just under 50 million meme coins have been transferred to dead-end wallets.

The greatest single transfers included between 10,000,000 and 30,000,000 Shiba Inu. This week, SHIB gained sufficient speed to overtake TRX and SOL in terms of market capitalization value, as it moved into the 13th position on CoinMarketCap.

Today, Shiba Inu remains in front of Tron’s native token, while Solana has reclaimed its position in front of SHIB.

In addition, the interest of Ethereum whales in SHIB has declined further, according to data supplied by the WhaleStats wallet monitoring website.

On Thursday, the 100 largest Ethereum investors had Shiba Inu worth $82,854,494 in their wallets. Today, this sum has decreased by an additional $1 million in SHIB and is $81,476,677.

This week, Shiba has surpassed the main meme currency, Dogecoin, by an astounding 30%, as its primary developer started to tweet about Shibarium Layer 2 protocol.

Moreover, while the extensive FTX exchange stepped on its own toes and is now seeking more than $8 billion to escape bankruptcy, SHIB has been expanding – unlike other altcoins and even Bitcoin, the most popular cryptocurrency. The latter has had a significant decline, falling below its December 2017 all-time high to $17,363.

Also Read: FTX’s institutional sales chief steps down, claiming team was in the dark about bankruptcy

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