SHIB transaction tracker Shibburn is spreading the word about an intensive increase in the SHIB burn rate observed since last morning. Meanwhile, the same source has announced a monstrous amount of SHIB destroyed over the last month.
SHIB transaction tracker Shibburn is spreading the word about an intensive increase in the SHIB burn rate observed since last morning. Meanwhile, the same source has announced a monstrous amount of SHIB destroyed over the last month.
The aforementioned 24-hour burning has coincided with a monstrous price increase led by Shiba Inu since last morning.
Burning rate increases by 887%; 643 million SHIB burned in February
Shibburn has reported that in the last 24 hours, the cumulative efforts of the SHIB community have made it possible to destroy 37,104,438 SHIB meme coins, increasing the burn rate by 887.07%.
The largest burn transaction here took place approximately nine hours ago, sending 21,540,898 SHIB to dead-end cryptocurrency wallets. The second largest burned 9,740,615 SHIB, which occurred 16 hours ago. The other three substantial transfers carried 2,154,873 SHIB, 1,000,000 SHIB and 1,802,613 SHIB, the latter taking place less than an hour ago.
On Friday, less than 4 million SHIB were sent to unusable blockchain addresses, according to data provided by the Shibburn website.
According to the same source, in the last month of February, the SHIB community dumped a whopping 643,656,418 SHIB meme coins in total.
Big accumulations push SHIB to two-year high
In the last 24 hours, Shiba Inu has shown a gigantic rise of over 70% and has reached a high of $0.00002250, last seen in April 2022. According to analytical data aggregator Spot On Chain, in addition to Other factors, there were three major SHIB purchases that contributed to the aforementioned price increase.
During the last few days preceding the price rally, a smart whale bought a whopping 75.91 billion SHIB on Binance for $1.51 million and cashed it out. Currently, its profit amounts to $614,000 (69%).
The second major purchase was made by Maker DAO founder @RuneKek. He acquired a staggering 7.41 billion SHIB for 100,000 USDT. The third purchase here was made through a blockchain wallet related to the UPbit exchange: it accumulated 2.13 trillion SHIB in the last 24 hours. At the time of writing this, this wallet is ranked as the seventh largest SHIB address and contains 12.45 trillion Shiba Inu worth $247 million.
