The SHIB army has succeeded in burning approximately four billion of these meme currencies in the previous week, according to the Shibburn analytics website that tracks transfers of Shiba Inu to dead-end wallets.
However, the amount of SHIB locked in “inferno” wallets has also been high during the past 24 hours, which dramatically increased the burn rate.
Burn rate spikes 135% as dozen of millions of SHIB destroyed
According to recent Shibburn statistics, numerous Shiba Inu community members (including entities and people) were successful in deleting a total of 12,825,901 meme coins over the course of the previous 24 hours.
Four hours ago, a single transfer of 10,455,764 SHIB burnt the most of it. Additionally, two transactions carrying one million SHIB each came before it.
Shibburn reports that the neighbourhood has burnt 3,979,631,635 Shiba Inus in the last 24 hours. Approximately the same amount of SHIB had been destroyed the week before, according to a report published over the weekend by U.Today.
Staggering burn rate jumps noticed last week
According to U.Today, the amount of burnt coins significantly outnumbered those from the day before last week, which caused the Shiba Inu burn rate to spike many times. The increase hit 1,400% on May 1.
It soared by 30,940% on May 3 when a total of 2,005,265,274 Shiba Inus were set ablaze.
Whales grab 10.25 trillion Shiba Inu, price still crashes
The meme coin’s price dropped significantly during the weekend, falling by almost 10% at this point. SHIB dropped from $0.00000999 on Saturday, May 6, to $0.00000893 at this time.
The price decline of Bitcoin, the leading cryptocurrency, which also happened over the weekend, may be to blame for the enormous price drop of the second most widely used meme coin. Since then, BTC has dropped by 5.64%, dropping from $29,664 to its current price of $27.990.
Aside from that, over the weekend, the market saw more than $120 million in liquidations as investors cashed out their gains from last week’s trades in meme coins, particularly PEPE. Additionally, 15,200 ETH worth about $30 million were sold by Vitalik Buterin and the Ethereum Foundation. This caused a lot of traders to predict a significant price decline for ETH. Ethereum has dropped by 3% over the previous day and is currently trading at $1,849.
Meanwhile, a report from the on-chain data aggregator IntoTheBlock claims that whales amassed approximately 10.3 trillion Shiba Inu in the previous week. However, this sizable purchase was unable to stop the popular meme coin’s sharp price decline.
