Over past 24 hours, SHIB army has increased burn rate of its favorite meme coin
According to data published on the Shibburn website, during the past 24 hours, the SHIB community increased the burning rate of Canine tokens by almost 500%.
In the meantime, Shiba Inu has left behind the two top crypto assets behind by market cap — Tron (TRX) and Solana (SOL) — thus reaching a major new milestone.
The SHIB burn rate has jumped significantly but is falling overall
During the last 24 hours, the combined efforts of the Shiba Inu army have made it possible to destroy 5,712,508 meme coins. This is not a huge amount, however, it has grown to almost over 1 million.
Now, the burn rate is up 480%. Overall, in the past few weeks, the amount of burned SHIB tokens, i.e., those moved to unspendable wallets, has drastically plummeted. In October mostly, 20 million Shiba Inu on average were burned every day.
This reduction began in the fall, while in the summer, the daily volume of meme coins locked in dead-end wallets consisted of 200–300 million, sometimes up to half a billion. Within weeks, at least 1 or 2 billion SHIBs were regularly burned.
On Sunday, the burn rate of the second largest meme coin by market cap after DOGE surged by a mind-blowing 5,200%. However, the amount of SHIB burned was 197,799,286 coins.
SHIB surpasses TRX and SOL
Shiba Inu has left behind the two most popular coins by market capitalization — Tron’s TRX and Solana’s SOL — by the size of its market capitalization.
SHIB’s market cap now includes $5,407,323,862 as it ranked 13th on CoinMarketCap’s scale of cryptocurrencies.
At the time of this writing, Shiba Inu is changing hands at $0.000009658 after falling 20.50% over the past week.
SHIB. Whale Crisis with
WhaleStats wallet tracker focused on multiple blockchains shows that whales are disappointed in the SHIB token.
As covered by U.Today on Wednesday, the overall load of SHIB held by the largest 100 whales on Ethereum is less than $100 million — $82,854,494 in USD equivalent.
SHIB and Bankrupt FTX
However, in both this week and last, unnamed whales moved more than a trillion SHIB. This week, someone withdrew around 1.2 trillion Shiba Inu from the FTX exchange just before it suspended withdrawals.
The exchange has been declared insolvent due to the financial troubles of Alameda trading firm linked to it. Binance, a major rival of FTX, first offered to bail it out. However, it later withdrew from the deal as it was unable to buy FTX together with FTX US.
Now, Justin Sun, who recently bought a major stake in Huobi exchange, is working with FTX on a solution to ensure that TRX, BTT and other tokens tied to TRON, as well as Huobi’s tokens HT to be taken back by their retail holders.
