SHIB Burn Rate Jumps 584% as Millions of SHIB Sent to Dead Wallets

Oct 19,2022
SHIB Burn Rate Jumps 584% as Millions of SHIB Sent to Dead Wallets

According to Shibburn's website, the burning rate of Shiba Inu has increased by 584%. In the past 24 hours, millions of SHIBs have been sent to the dead wallet.

Shibburn reported that in the past 24 hours, more than 50802530 SHIBs were burned in six transactions. On October 16, Shiite incineration advocated reporting, burning 10757815 Shiite tokens in six transactions.

In the past week, 395803998 SHIB tokens were burned in 48 transactions, plus tens of millions of SHIBs since the beginning of October.

So far, 410382016984249 SHIB has been lit up from the initial supply of 1 trillion yuan.

Whales moving on SHIB

It seems that large holders or whales of Shiba Inu have taken action in the market, which is witnessed by the slight increase of large and medium-sized transactions.

According to IntoTheBlock, the surge in large and medium-sized transactions is related to the promotion of whale themed activities. If whales are not trading, the trading volume is generally higher than 100000 dollars. In the past 24 hours, large and medium-sized transactions increased by 31%, as Shiba Inu remained above US $0.000010.

At the time of delivery, the transaction price of SHIB was US $0.0000103, which decreased slightly in the past 24 hours. About this time last year, Shiba Inu officially started a big bull market and overcame the problem of rising, thus reaching a historical time higher of $0.000088 at this stage.

At current prices, Shiba Inu is still down nearly 88.36% from its peak, which is no different from many digital currencies that have suffered from the impact of the bear market in the stock market since the beginning of 2022.