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SHIB Burn Rate Adds 590% As SHIB Token Hits Major Milestone

14 Oct, 20222 min readOther
SHIB Burn Rate Adds 590% As SHIB Token Hits Major Milestone

As reported by Shibburn tracking platform, over the past 24 hours, the amount of burned SHIB meme tokens has gone up by nearly 600%, with more than 130 million Shiba Inu sent to dead wallets.

In the meantime, SHIB price has attempted a recovery, and ETH whales have again demonstrated high interest in this canine crypto.

SHIB burn rate soars, so does SHIB price

According to a recently published Twitter post by Shibburn, a total of 132,068,912 tokens have been permanently locked in unspendable wallets by the joint efforts of the SHIB army on Oct. 13.

This has prompted a rise of the SHIB burn rate by a massive 590%. The largest burn transactions on the list, according to Shibburn, carried 54,946,535 and two portions of 30,763,170 coins each. They were performed by the same mysterious wallet, 0x8621a6b76a1c39713997b98230a7bb05526f89b3.

Prior to this, SHIB pivoted, heading north and adding 11% overnight and going back up to the $0.00001067 level. SHIB made a U-turn, along with Bitcoin, XRP and other cryptocurrencies after the stock market also began recovering following a sharp drop on Thursday caused by the released CPI data.

SHIB has by now reclaimed spot number 14 from Tron's TRX.

SHIB briefly became whales' largest asset

WhaleStats wallet tracker has reported that, earlier today, Shiba Inu cryptocurrency managed to flip SNT and became the largest holding of the top Ethereum whales in USD equivalent.

By now, however, stETH has surpassed SHIB in this honorable position, pushing the meme coin down.

At the time of this writing, the top 100 whales on Ethereum are holding $127,185,330, which comprises 5.04% of these whales' portfolios.

📰 JUST IN: $SHIB @Shibtoken has flipped $SNT for biggest holding by dollars among top 100 #ETH whalesCheck the top 100 whales here: (and hodl $BBW to see data for the top 5000!)#SHIB #SNT #whalestats #babywhale #BBW — WhaleStats (tracking crypto whales) (@WhaleStats) October 13, 2022

In other news, as covered by U.Today earlier, Shiba Eternity game released a week ago has surpassed the 100,000 downloads threshold in just seven days from its release on Android.

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