Since last morning, SHIB burns have improved better than nothing, according to the Shibburn wallet tracker, as the burn rate of this well-known meme coin increased by a few hundred percent.
While this was going on, SHIB shot up the list of top cryptocurrencies by market size, and whales recently bought more than a trillion Shiba Inu.
SHIB burn rate goes up
The SHIB burn rate increased by 240.91% during the course of the previous 24 hours, according to the source tracker stated above, as a total of 95,122,875 Shiba Inu were burned as a result of 26 transactions.
37,691,762 SHIB, the highest sum ever sent to a dead-end wallet, was done so around 10 hours ago.
Coins are referred to as “burning” when they are moved to wallets, where no one may use them or withdraw them in any other manner. The coin becomes more rare as a result of the continuously decreasing circulating quantity. This theoretically raises the likelihood of a price hike.
SHIB leaves XLM, BCH behind, whales grab 1.11 trillion SHIB
According to CoinMarketCap, SHIB, the second-most popular meme coin, has moved up to position 14 during the last 24 hours. It has increased by 5.44% from yesterday and is currently trading at $0.000008192.
Currently, SHIB is more popular than a number of significant cryptocurrencies, including Bitcoin Cash (BCH), Stellar (XLM), DAI, Avalanche (AVAX), Toncoin (TONNE), and others.
A tweet from the on-chain data aggregator Santiment claims that shark and dolphin wallets can store between 10 million and 100 million In less than eight weeks, Shiba Inu had acquired SHIB for around $9 million. This equates to 1,110,000,000,000,000 of these canine coins.
Overall, Santiment observed that during the final hours of a “particularly dull trading week,” SHIB had emerged as a “surprise winner.”
