SHIB Inu Burn Rate Increases By 584% As Millions Of SHIB Are Sent To Dead Wallets

Per the Shibburn website, the burn rate of Shiba Inu has increased by 584% as millions of SHIB Inu have been sent to dead wallets within the last 24 hours.

Over 50,802,530 SHIB were burned in six transactions over the course of the last 24 hours, according to the Shibburn Twitter handle. The Shib burn effort announced that 10,757,815 SHIB tokens were destroyed in six transactions on October 16.

In the past week, 395,803,998 SHIB Inu tokens were burned in 48 transactions, adding up to the hundreds of millions of SHIB burned since October’s start.

So far, 410,382,016,984,249 SHIB Inu have been burnt from the initial supply of 1 quadrillion.

Whales approaching SHIB Inu

A little uptick in major transactions suggests that Shiba Inu whales, or large holders, are starting to move on the market. A transaction is often more than $100,000, and according to IntoTheBlock, significant transaction spikes are associated with greater activity from whales who are either buying or selling.

Large transactions increased by 31% over the previous day as Shiba Inu continued to trade beyond the $0.000010 threshold.

Shiba Inu began a bull run about this time last year and finished a bullish pennant, which led to its current all-time high of $0.000088. Shiba Inu is currently down almost 88.36% from its peak, making it comparable to other cryptocurrencies that have been affected by adverse market conditions since the beginning of 2022.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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