SHIB burn rate has spiked after these two major new milestones were announced
According to the data published on the website shibburn.com, after the poor results of the previous week, the SHIB army has started fresh with a huge increase in the SHIB burn rate.
In the meantime, Shiba Inu whales on Ethereum have added more than $1 million worth of this meme coin to their portfolios.
SHIB burn rate skyrockets
The SHIB token burn rate increased by 1,064% in the past 24 hours as the SHIB community removed 23,823,149 SHIB from the circulating supply. According to a recent tweet by this burn tracking platform, this amount of Mem coins was burned in just one transaction.
This certainly looks like an all-time high compared to the SHIB chunk burned between Saturday and Sunday. Back then, only 2,045,478 SHIB were destroyed.
Overall, the Shib Burn initiative hasn’t been doing well lately. As previously reported by U.Today, a record low amount of these canine tokens were sent to dead-end wallets – 99,774,731 SHIB – over the past week.
The likely reason is an overall increase of the bear market driven by the recent collapse of FTX exchange, which filed for bankruptcy on Friday and was hacked later on. FTX token has lost an astounding 92.10% since Sunday, Nov. 6, falling from $25.7 per token to $2.036 at the time of this writing.
SHIB reaches impressive new milestone
On Friday, it was announced that SHIB has set a new record in the number of Twitter followers. By Friday, their number had increased to 3.6 million. Back in July, the figure was slightly lower – 3.4 million subscribers.
Along with that, an increase in the Shib holder count has been noticed. WhaleStats claims that now the amount of wallets holding SHIB has increased to 1,243,804.
