With a notable spike in the token burn rate over the past 24 hours, the Shiba Inu burn effort started the week on a strong note.
Burn Rate in Shiba Inus Noticeably Increases
The burn rate of Shiba Inus has increased by more over 5,000% in the past 24 hours, as of Monday, December 25. Shibburn, a platform that monitors the burn of SHIB tokens, reported a significant 5,043% spike in the burn rate.
In the last day, more than 53.13 million SHIB tokens have been burned, according to the tracker. Two large transactions, totaling more than 20,000,000 SHIB apiece, caused the burn rate to spike.
Twenty million Shiba Inu tokens were delivered to the SHIB burn wallet from the address 0x6081258689a75d2…887239fe80, according to data from Shibburn. At the same time, the burn wallet received around 25,000,000 SHIB in the second transaction processed by the same address.
There has been a dramatic increase in the burn rate of Shiba Inus in recent days. It would appear that the surge in burn rate has sparked a tidal wave of speculation in the bitcoin market.
There has been an uptick in the burn rate, but the Shiba Inu price is still going down. According to CoinMarketCap, the cryptocurrency has lost 1% of its value in the past 24 hours.
Whale Alert, an on-chain whale tracker, observed a huge whale transaction at the same time that the burn rate just rose. A staggering 4.25 trillion SHIB was moved to an unidentified wallet, as seen by the on-chain tracker.
The previously stated SHIB was transferred to an unknown wallet address 0x9c570088…a22fd8b51b via the wallet address 0x3ce6bed2…87d896c59f, according to Whale Alert. Another thing to note is that the gas fee that started this whole mess was less than $3.
Again, the project team made a huge mess.
The Shiba Inu squad reportedly burnt up 8.47 billion SHIB on Friday, December 22. At this very moment, the squad has consumed an astounding 33.8 billion SHIBs.
The group had already transferred 8,533,564,693 SHIB to an empty wallet earlier that day, for a total worth of $90,285. Approximately 17 billion SHIB tokens were burnt by the team on that particular day.
This is the crew's fourth large-scale burn this month. The most recent one is no exception. These systemic burns are starting to take a toll on the total supply of SHIB.
Lucie, who is in charge of marketing and is on the project team, has also verified this on X (formerly Twitter). Lucie included the most recent burn in her article, noting that it was the fourth time the surgery had been performed.
In addition to a 30% drop in trade volume to around $184.65 million, the current price of Shiba Inu is $0.000010. As of this writing, its market worth has dropped to $6 billion, a decrease of 1%.
