Massive SHIB burn spike of 45.083% seen as SHIB whale activity increases

Massive SHIB burn spike of 45.083% seen as SHIB whale activity increases

Wallet tracker Shibburn has detected a huge spike in the Shiba Inu burn rate metric after several hundred million SHIB meme coins have been transferred out of circulating supply.

Wallet tracker Shibburn has detected a huge spike in the Shiba Inu burn rate metric after several hundred million SHIB meme coins have been transferred out of circulating supply.

As this huge amount of Shiba Inu was cremated, several mega-large SHIB whales have been observed moving billions and trillions of meme coins.

SHIB burn rate soars

According to recent data shared by the aforementioned source, in the last 24 hours, the Shiba Inu community managed to dispose of 235,603,488 SHIB in total; This amount of meme cryptocurrency is valued at just $2,482 in fiat currency.

The increase printed by the burn rate amounted to a whopping 48,083.50%, a value that has not been seen too often in recent weeks. This impressive increase in burns was achieved across 16 transactions, with the majority of these SHIBs being burned in a single move as 220,729,973 Shiba Inu were sent to a non-fungible blockchain wallet.

The second largest SHIB transaction carried 13,140,241 meme coins, while some others contained less than 1 million SHIB.

Shib burns increase incredibly
Image via shibburn

The SHIB community appears to be striving to burn as much SHIB as possible, as when a substantial amount of coins are burned, the price of the coin is expected to increase. Recently, Shiba Inu Discord administrator DaVinci stated that all funds for Shiba Inu burning must come from users, whether transaction fees on Shibarium or individual burns.

The SHIB developer team has also been burning massive amounts of SHIB coins; In December and the last week of November, they burned four pieces of approximately 8.5 billion Shiba Inu, making a total of more than 36 billion SHIB.

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Whales shovel trillions of SHIB

As reported by cryptocurrency tracker Whale Alert, a tremendous SHIB lump moved between anonymous wallets: in total, 4,253,619,279,051 SHIB meme coins exchanged hands. This SHIB amount was valued at $44,909,712 at the time the transfer was made just under 24 hours ago.

Furthermore, according to Arkham Intelligence On-chain data platform, a whale received a staggering 417.138 billion SHIB from an anonymous wallet. That amount of SHIB was worth $4.43 million in fiat money. These transfers indicate growing interest from cryptocurrency whales towards Shiba Inu.

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