Wallet tracker Shibburn has seen a major increase in the Shiba Inu burn rate metric after several hundred million SHIB meme coins have been transferred from the circulating supply.
While huge amounts of Shiba Inu were burning, some mega-large SHIB whales were seen moving billions and trillions of meme coins.
SHIB burn rate skyrockets
Based on the latest data shared by the aforementioned source, in the last 24 hours, the Shiba Inu community managed to dump a total of 235,603,488 SHIB; this amount of meme cryptocurrency is evaluated at just $2,482 in fiat.
The increase recorded by the burn rate reached 48,083.50% — a value rarely seen in recent weeks. This impressive burn spike was achieved through 16 transactions, and most of this SHIB was burned in one fell swoop as 220,729,973 Shiba Inu were sent to unusable blockchain wallets.
The second largest SHIB transaction carried 13,140,241 meme coins, while several others contained less than 1 million SHIB.
The SHIB community seems to be working hard to burn as much SHIB as possible because when a large number of coins are burned, this is expected to increase the price of those coins. Recently, Shiba Inu Discord admin DaVinci stated that all Shiba Inu burning funds must come from users, both transaction fees on Shibarium and individual burning.
The SHIB development team has also burned large amounts of SHIB coins; in December and the last week of November, they burned four chunks of about 8.5 billion Shiba Inu, for a total of over 36 billion SHIB.
Whales shovel trillions in SHIB
As reported by cryptocurrency tracker Whale Alert, large amounts of SHIB were moved between anonymous wallets — in total, 4,253,619,279,051 SHIB meme coins were exchanged. This SHIB amount was estimated at $44,909,712 when the transfer was made less than 24 hours ago.
Additionally, according to on-chain data platform Arkham Intelligence, a whale received an impressive 417.138 billion SHIB from anonymous wallets. That amount of SHIB is worth $4.43 million in fiat. This transfer shows the growing interest of cryptocurrency whales in Shiba Inu.
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