HomeCrypto NewsMarketBurn Rate up 5761% As 14M Shiba Inu Burned in 24 Hours, 7.37M By Mysterious Wallet

Burn Rate up 5761% As 14M Shiba Inu Burned in 24 Hours, 7.37M By Mysterious Wallet

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Over 13.69 Million Shiba Inu Burned in the Past 24 Hours, 7.37 Million in a Single Transaction. SHIB Burn Rate Surges 5,761%.

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Shibburn reported that over the last day, a significant amount of Shiba Inu tokens, specifically 13,696,795 (13.69M), were eliminated from circulation forever by various holders in seven separate transactions.

This helped in an 11.89% increase in the price of SHIB and enabled Shiba Inu to delete a zero from its price. Currently, the price of Shiba Inu is trading at $0.00001061 with a 24-hour trading volume of $494,111,199 ($494.11M).

Shibburn.com’s official website states that the Shiba Inu burn rate surged by 5,761% in the last 24 hours.

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SHIB Burn Rate Skyrockets 5761 Percent in the Past 24 Hours
SHIB Burn Rate Skyrockets 5761 Percent in the Past 24 Hours

As the crypto market continues to recover, it is expected that the Community might see a steady rise in the number of tokens being destroyed.

Mysterious Wallet

Etherscan.io data shows that a mysterious wallet sent 7,376,188 (7.37M) SHIB to a designated “inferno” address, which is used for token burning, in one significant transaction executed about 6 hours ago. Following the massive burn, the wallet is left with “Zero” SHIB.

Mysterious Wallet Burned 737 Million SHIB
Mysterious Wallet Burned 737 Million SHIB

Shiba Inu Becomes the Most Traded Token

Furthermore, data from WhaleStats reveals another interesting trend, i.e., the Shiba Inu token (SHIB) becomes the most traded token among the top 100 Ethereum whales in the past 24 hours. This suggests that the speculative interest of large participants in the token is growing.

Overall, the largest holders of Ethereum (whales) now have $50,794,729 worth of SHIB in their wallets, which represents 2.24% of their overall portfolio.

SHIB Becomes Most Traded Token Among Top 100 ETH Whales
SHIB Becomes Most Traded Token Among Top 100 ETH Whales

As reported earlier by The Crypto Basic, the Shiba Inu team announced that they have been invited to the Southwest Film and TV festival (SXSW) in Austin, Texas to showcase their Metaverse experience. This announcement seems to cause a shift in sentiment for the token.

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Zabi
Zabi
Zabi is crypto enthusiastic with more than 10 years of experience in managing Google News-approved Finance websites. Zabi has a strong background in finance with a thorough understanding of cryptos and a solid grip on the crypto and financial market industry. Along with his passion for crypto writing, Zabi manages his personal stock and finance-related Google News-approved websites.

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