SHIB soars 2,834% despite price remaining 6% lower

SHIB soars 2,834% despite price remaining 6% lower

Tracking platform Shibburn has shared that a staggering amount of SHIB meme coins have been transferred to dead-end wallets; This time there were several hundred million of them.

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Tracking platform Shibburn has shared that a staggering amount of SHIB meme coins have been transferred to dead-end wallets; This time there were several hundred million of them.

This tremendous cumulative burn occurred while the price of the meme coin remains low and only managed to recover slightly after a drop of over 8% on Tuesday.

SHIB burns increase by 2,834%

The aforementioned data source has shared that in the last 24 hours, one of SHIB’s key metrics (the burn rate) has shown an impressive increase, jumping by 2,834%.

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While the burn rate figure hasn’t changed much since Tuesday, the number of meme coins that have been removed from circulating supply has grown dramatically: from just over seven million to a whopping 232,222,042 SHIB.

There have been eight burned transactions so far, with the largest transferring 225,637,580 SHIB to a non-spendable wallet, representing almost the entire amount of SHIB burned.

Shib burning rate increases
Image via shibburn

The other three large transfers on this list brought almost two million SHIB coins each to dead wallets.

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Tue, 06/11/2024 – 14:48
4.3 Billion Dormant SHIB Go to Coinbase as Key Shiba Inu Metric Soars 2,814%

SHIB price behavior

Over the past 24 hours, SHIB price demonstrated a drop of 8.8%, falling from $0.00002350 to the price line of $0.00002207. It then attempted to break that support twice, rising to the $0.00002206 level.

After the first attempt he was pushed down, but then he tried to get back up and is still changing hands at this level. having increased by 3%.

This price drop coincided with increased whale activity when 4.3 trillion SHIB were transferred to the Coinbase exchange for sale (a large portion of those coins were bought back in 2021), and 600 billion SHIB were purchased on Robinhood and retired to a cold wallet.

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