Burn rate of Shiba Inu jumps abruptly, here’s what is pushing these burns
The community of the second largest meme cryptocurrency by market cap, Shiba Inu, has accelerated the burn, moving huge amounts of SHIB from dead-end wallets over the past 24 hours.
This major factor is likely to be driving this surge in the burn rate.
SHIB burn close to 140%
According to a recent report from leading SHIB burn tracker @Shibburn, the total amount of Shiba Inu coins removed from the circulating supply was 42,842,867 SHIB over the past 24 hours, compared to 18,415,087 burned yesterday.
The two largest transfers here carried nearly all of the aforementioned amount: 15,550,995 and 19,400,000 SHIB. Overall, the 42.8 million SHIB were burned in six transactions.
The goal of the burn is to remove as many Shiba Inu coins from the circulating supply as possible, which should in theory become a major driver for price growth. The much anticipated figure in the SHIB army is $0.001, not to mention $1.
Crypto influencer David Gokhshtein, who has been quite supportive of SHIB throughout the year, mentioned in one of his April tweets that he does not see the meme coins reaching the $1 level. However, he believes it is likely that it may reach $0.001.
SHIB is back in the top 10 list of bought coins
In a recent tweet, popular wallet tracker Whale Stats noted that Shiba Inu is back in the list of the top 10 most bought coins on Ethereum in the last 24 hours from among the top 500 whales.
As for the overall SHIB lump held by the top 100 ETH wallets, it constitutes $68,032,980 worth of SHIB. An average amount of this asset held by each whale here is $680,330. That is the equivalent of 77,134,051,516 Shiba Inu.
At press time, the second most popular Canine Token is changing hands at $0.000008781, according to data from Coinmarketcap.
