Largest wallets on Ethereum have sold massive amount of SHIB, while community has burned larger lump than usual
Over the weekend, the amount of SHIB held by the top 100 addresses decreased significantly – up to a quarter of a trillion Mem coins, according to WhaleStats trackers from the largest wallets on Ethereum and some other chains.
At the same time, the Shib army seems to have accelerated the burn rate of its favorite canine token as it has shown a tremendous rise in the past 24 hours.
231.4 billion SHIB sold over the weekend
WhaleStats shared that over the weekend, the crypto holdings of the 100 largest wallets on the Ethereum chain shed nearly $2 million worth of SHIB. That’s a total of 231,481,481,481 MEME coins at the current exchange rate.
At the time of this writing, whales are holding $72,241,236 in the second largest meme coin on the crypto market — SHIB. This is 3.42% of whales’ comprised portfolio. At the moment, SHIB is holding the fourth largest position in the portfolio, with DAI, stETH and USDT sitting in front of Shiba Inu. The largest asset in these investors’ wallets is USDC stablecoin.
On Saturday, whales held $74 million worth of SHIB.
Burn rate spikes 506%, 107 million SHIB gone in week
A popular SHIB-focused website, Shibburn, which tracks burn transactions of this meme coin, has announced that in the past 24 hours, the burn rate of Shiba Inu has jumped by a staggering 506.61%.
This increase in the SHIB burn rate figure equates to 31,076,547 Shib tokens sent to dead-end wallets in the last 24 hours. Of that amount, 26,772,703 Shiba Inus were removed from the circulating supply in one transaction.
Shibburn also shared that in the past seven days, 106,780,540 meme coins have been destroyed by various initiatives that regularly attempt to cut down SHIB’s circulating supply.
