SHIB army has been burning midnight oil to remove more Shiba Inu tokens from circulation
Shibburn, the leading tracking platform for burning SHIB tokens, publicizes about a substantial increase in the burn rate of SHIB in the last 24 hours.
In the meantime, largest SHIB-holding whales on the Ethereum chain have dumped another $1 million worth of this leading canine token.
SHIB saw a 107% increase in burn rate
In the last 24 hours, the Shiba Inu community has managed to burn 4,141,868 SHIB coins. Compared to the previous day, the SHIB forces made significant progress, with the burn rate being 95% lower on 14 December.
The goal of burning coins – not only SHIB – is to remove the circulating supply to the greatest possible degree, thus making a coin more scarce. This should, in theory, impact the price by letting it soar through the roof. However, it has not happened to the price of Shiba Inu so far despite the fact that, as reported by U.Today on Wednesday, half of the SHIB supply in circulation has already been destroyed.
“Burnt” coins are moved to dead-end wallets, where they are permanently locked without anyone having a chance to spend them or otherwise being able to withdraw them.
SHIB whales dump another $1 million in meme coins
As reported by WhaleStats tracker of the largest wallets on several chains, including Ethereum and Binance Smart Chain (also known as BNB Chain), during the past 24 hours, their comprised stash of SHIB has shrunk by approximately one million USD worth of Shiba Inu.
At the time of publication, they collectively hold SHIB worth $51,540,053. This is 5,787,392,289,088 MiM Coins or 2.33% of the portfolio of the top 100 ETH whales.
On Dec. 14, this figure was a little different. They held $52,839,210 in Shiba Inu. Now, roughly $1 million in it is gone. The percentage of meme coins they owned yesterday was 2.38. A day before that, SHIB had sold 1,735,357,917,570 SHIB. Thus, today, their collective portfolio of SHIB has shrunk even more.
Over 2,000 new users come to SHIB
Since yesterday, the total holder count of the second largest canine crypto in terms of market capitalization has also increased significantly.
Compared to 1,263,179 on Wednesday, now this metric has increased by approximately 2,000 and stands at 1,265,003 SHIB users.
At the time of writing, the Shiba Inu is changing hands at $0.000008871, down nearly 4% over the past 24-hours.
