Recent hours have seen several SHIB transactions, resulting in rise in burn rate
according to Shibburn Twitter On account, over half a billion SHIBs were sent to Dead Wallet in the past week, adding to the hundreds of millions of SHIBs burned since the beginning of August.
In the past week, over 582,646,458 SHIB tokens were burned in 106 transactions. In the upper week, the amount of SHIB burned was reported to be more than 711 million.
Several transactions involving SHIB have been burned in recent hours, resulting in an increase in the burn rate. At the time of publication, according to the Shibburn website, the SHIB burn rate was up 272.56%, while 86,410,488 SHIBs were burned within the last 24 hours.
In the last hour, an unknown address sent 60,775,594 SHIB tokens to be burned in a single transaction.
Shiba Inu back on whale radar
Whale tracking service, WhaleStats, reports that SHIB is back in the top 10 tokens bought among the 500 largest ETH whales in the past 24 hours.
Whales resumed accumulation once more after recent profit-taking that led to a significant decline in Shiba Inu’s price. As reported earlier by U.Today, retail holders were seen scooping up the SHIB dumped by large investors. However, the current whale buy-up is still yet to be felt in the general balance of the top 100 Shiba Inu holders owing to prior profit-taking.
An analysis of the top 100 Shiba Inu holders from WhaleStats shows that addresses in this category have a slight decrease of 0.0065% of the average SHIB balance. Whale trading volume and average SHIB price also declined by 97.38% and 1.8%, respectively, over the past 24 hours. Netflow was also in the negative at 103.93%.
According to CoinMarketCap, Shiba Inu was trading at $0.0000132 at the time of publication, marginally down in the last 24 hours. There is still slight selling pressure in the market as cryptocurrencies attempt a rebound after Friday’s massive selloff.
To whalestats Data, the top 5,000 ETH whales are currently holding $159,673,102 worth of SHIB. Similarly, the Shiba Inu governance token, Bone, was seeing utility from whales, one of the most used smart contracts among the top 1,000 ETH whales in the past 24 hours.
