The SHIB transaction tracker Shibburn disseminates information on a sharp increase in the SHIB burn rate that has been seen since this morning. Meanwhile, the same source has revealed that throughout the previous month, an enormous quantity of SHIB was destroyed.
Since last morning, Shiba Inu has been staging a huge price hike, which has coincided with the aforementioned 24-hour burns.
Burn rate jumps 887%; 643 million SHIB burned in February
According to Shibburn, the SHIB community’s combined efforts over the past 24 hours have allowed for the destruction of 37,104,438 SHIB meme coins, increasing the burn rate to 887.07%.
Nine hours ago, the biggest burn transaction occurred here, delivering 21,540,898 SHIB to cryptocurrency wallets that lead to dead ends. 16, hours ago, the second largest one burnt 9,740,615 SHIB. 1,802,613 SHIB, 1,000,000 SHIB, and 2,154,873 SHIB were transported by the other three sizable transfers; the latter was completed less than an hour ago.
Based on information from the Shibburn website, less than 4 million SHIB were transferred to blockchain addresses that cannot be used on Friday.
The same source claims that the SHIB community sold a whopping 643,656,418 SHIB meme coins in total during the month of February.
https://x.com/shibburn/status/1763431289984626755?s=20
Major accumulations pushing SHIB to two-year high
Shiba Inu has seen a massive growth of more than 70% in the previous day and has hit a high of $0.00002250, last seen in April 2022. The price spike indicated earlier was caused, among other things, by three significant SHIB transactions, according to the Spot On Chain analytics data aggregator.
In the last days prior to the price increase, a shrewd whale paid $1.51 million on Binance for a massive 75.91 billion SHIB, which they then withdrew. As of right now, his profit is $614,000 (69%).
@RuneKek, the creator of Maker DAO, completed the second significant acquisition. For 100,000 USDT, he purchased an astounding 7.41 billion SHIB. A blockchain wallet associated with the UPbit exchange made the third purchase in this instance; in the last 24 hours, it amassed 2.13 trillion SHIB. This wallet, which is currently holding 12.45 trillion Shiba Inu worth $247 million, is recognised as the sixth highest SHIB address as of this writing.
