So far, 410,382,016,984,249 SHIB have been burnt from initial supply of 1 quadrillion
According to the Shibburn website, the Shiba Inu’s burn rate has increased by 584% as millions of SHIBs have been sent to the Dead Wallet within the past 24 hours.
The Shibburn Twitter handle reports over 50,802,530 SHIB burned in six transactions over the last 24 hours. On Oct. 16, 10,757,815 SHIB tokens burned in six transactions were reported by the Shib burn initiative.
In the past week, 395,803,998 SHIB tokens were burned in 48 transactions, adding to the hundreds of millions of SHIB burned since the beginning of October.
So far, 410,382,016,984,249 SHIB have been burnt from the initial supply of 1 quadrillion.
Whale moving on SHIB
Large holders of Shiba Inu, or whales, are stepping into the market, as evidenced by a modest increase in large transactions.
According to IntoTheBlock, large transaction surges are linked to increased activity from whales, who are either buying or selling, and a transaction is generally more than $100,000. In the last 24 hours, large transactions were up 31% as Shiba Inu sustained above the $0.000010 mark.
At the time of publication, SHIB was trading at $0.00000103 with a slight decline over the past 24 hours. Around this time last year, the Shiba Inu kickstarted a bull run and resolved a bullish pennant, ending at its current all-time high of $0.000088.
Shiba Inu remains down nearly 88.36% from this peak at current prices, being no different from other cryptocurrencies buffeted by bearish market conditions that have been prevailing since the start of 2022.
