Shiba Inu Community’s Best Efforts, SHIB Burn Rate Sharply Decreases

Key Points:

Shiba Inu meme coin community has been working hard to destroy more SHIB coins each day, but they have run into a problem.
SHIB army was able to show an amazing increase in burn rate the day before, reaching a staggering 28,385%.
Shiba Inu continues to be the most valuable cryptocurrency by the USD equivalent, according to huge long-term investors on the Ethereum chain, or whales as they are known to the crypto community.

The Shiba Inu meme coin community has been working hard to destroy more SHIB coins each day, but they have run into a problem. Nevertheless, users of SHIB are anticipating the release of Shibarium, when trillions of SHIB, the second-largest meme coin, are expected to be eliminated.

Shibburn, a website that tracks withdrawn Shiba Inu tokens, reports that over the previous day, 10,247,830 meme coins have been relocated to be locked in non-spendable wallets, resulting in a 63.85% decrease in the burn rate of SHIB.

The SHIB army was able to show an amazing increase in burn rate the day before, reaching a staggering 28,385%. Considering that only 28,485,444 meme coins were transferred to “inferno” wallets, this figure was slightly misleading. However, this percentage increase is currently the largest in the previous few months.

Shiba Inu Community's Best Efforts, SHIB Burn Rate Sharply Decreases 4

The decline may be related to the gradual decline in interest in the aforementioned meme coin among short-term traders.

SHIB’s price movement not bringing them any money

However, Shiba Inu continues to be the most valuable cryptocurrency by the USD equivalent, according to huge long-term investors on the Ethereum chain, or whales as they are known to the crypto community. SHIB is now ranked third on their top 10 list, after Ethereum and the USDT stablecoin. These substantial wallets currently contain SHIB valued at $603,812,711 in total. According to the WhaleStats wallet tracker, that is 16.02% of their total cryptocurrency holdings.

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

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Annie

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.