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%.
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.
In the past 24 hours, there have been a total of 13,696,795 $SHIB tokens burned and 7 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) January 14, 2023
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.
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.
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.
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.
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.