SHIB Burn Rate Skyrockets as Mysterious Whale Incinerates 91 Million Coins
In an unexpected twist, data from the Shibburn tracker reveals that the supply of SHIB has plummeted by a staggering three-digit figure over the past 24 hours, with millions of meme coins being permanently destroyed. The report indicates that the majority of SHIB mentioned in the data was incinerated by an enigmatic Shiba Inu whale, according to Shibburn and Etherscan.
This development occurred as SHIB, the second-largest meme cryptocurrency in terms of market capitalization, made another attempt to break out of its recent price range.
The burn rate has witnessed an astonishing jump of 305% due to the efforts of the Shiba Inu community, which managed to dispose of 98,045,035 SHIB coins within the past day. This massive burn milestone was achieved through ten transactions, with the majority of the SHIB (91,102,596 coins) vanishing in a single transfer initiated by the unidentified cryptocurrency whale.
Weekly burns have also experienced a surge, increasing by 82.66% according to the SHIB burns tracker. In the past seven days, the community has sent a substantial 330,335,592 SHIB to unspendable wallets.
Despite these continuous burns, the overall supply of SHIB has remained largely unaffected and currently stands at 589,275,241,204,667 coins. Furthermore, 410,724,758,795,332 SHIB have been locked in dead-end wallets, while an additional 6,536,456,176,031 SHIB have been locked in staking wallets across various exchanges and DeFi platforms.
In a separate incident, renowned blockchain sleuth Whale Alert reported an astonishing transfer of almost 700 billion SHIB from the top exchange Crypto.com. This mysterious whale withdrew a staggering 692,400,000,000 SHIB, equivalent to $19,260,837, to their private wallet. The wallet in question has only conducted three transactions so far, sparking intrigue and speculation within the SHIB community regarding the whale’s identity.
The SHIB ecosystem continues to be a hotbed of activity, with burning events and large-scale transactions capturing the attention of enthusiasts and followers alike.