In the past 24 hours, the SHIB army locked away another enormous quantity of Shiba Inu tokens, or burnt them, according to a recent tweet from Shibburn crypto tracker. The burn rate increased by around 250% as a result.
Approximately 24 million SHIB were moved to inactive wallets, yet a single anonymous whale torched half of those canine-themed coins. The burn rate has significantly increased, yet the price is still negative.
SHIB burn surges 245%
According to Shibburn’s tweet, a total of 27,575,359 SHIB meme coins were transferred to dead addresses over the course of the previous 24 hours, increasing the burn rate by 244.69% from the burnt SHIB count on April 20.
A single transfer transferred around half of the burnt SHIB stockpile to a dead wallet. 14,239,888 Shiba Inu were transferred using an anonymous wallet with the prefix -47ab0f.
The SHIB army was only able to burn about 9,000,000 SHIB altogether the day before, but the burn rate increased by as much as 3,100%. No matter how high the percentage rate goes, there are still 574,067,791,438,648 Shiba Inus in existence, thus all of these burns are little and scarcely have an impact on the price of Shiba Inus.
According to the tweet, 1,826,262,961 SHIB had been taken out of circulation overall during the last seven days.
Whales continue to buy billions of SHIB
Shiba Inu whales continue stockpiling SHIB in the interim. Two whales purchased almost 17 billion SHIB, according to a previous U.Today story, taking 10.8 billion and 6.7 billion in two transactions caught by Etherscan.
Whales frequently make bets based on minute changes in the SHIB price, purchasing billions as they fall and then selling them as they rise. The enormous quantities of SHIB they acquire and sell more than make up for the slight price differential.
The second-most popular meme token, SHIB, is currently trading at $0.00001058 after falling by 2.92% during the previous day. The meme coin has dropped 7.17% over the past week, according to information from CoinMarketCap.
