Shiba Inu Burn Rate Skyrockets Over 14,000% as Price Recovers

Shiba Inu Burn Rate Skyrockets Over 14,000% as Price Recovers

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October 27, 2022 by Vignesh Karunanidhi

Shiba Inu (SHIB) recently experienced a sharp increase in burn rate with very few tokens burned. The SHIB Burn tracker shows that over the previous 24 hours, the burn rate of the Shiba Inu increased by 14,267.59%. The increase occurs even though there haven’t been many tokens burned.

Around 14.07 million tokens were transferred to dead wallets in the last 24 hours, according to SHIB Burn. According to SHIB Burn data, the greatest burn transaction on the previous day was about 9.8 million SHIB. Additionally, the day before, only 97,991 tokens were burned.Shiba Inu Burn Rate Skyrockets Over 14,000% as Price Recovers 4

However, the burn rate has cooled down and is currently standing at 1934.01%. 14,896,832 SHIB has been burned in the last 24 hours as per the updated data.

Shiba Inu Burn Rate Skyrockets Over 14,000% as Price Recovers 5Shiba Inu price spikes in the last 24 hoursShiba Inu has gained traction along with the most recent market rebound. According to statistics from CoinMarketCap, SHIB is currently trading at $0.00001157, up 10.8% over the previous day. The market value of SHIB has also surpassed $6 billion for the first time in the previous 17 days.

Shiba Inu which was standing at 14th ranking among other cryptos in terms of global market cap lost it to TRX recently and was standing at 15 till yesterday. However, the recent price spike has pushed it to the 13th rank on the basis of the global market cap.

Whale activity has recently increased in Shiba Inu at a never-before-seen rate. Instead of buying billions of SHIB, whales were purchasing trillions. The whales have also been trading privately and shifting, selling, and buying back SHIB.

These routine actions are now regularly carried out by some unnamed whales. A whale anonymously transferred 3.3 trillion SHIB to another wallet, according to data from Whale Alert.

3,367,037,381,943 SHIB have been dumped by an anonymous wallet, according to Whale Alert statistics. The unknown is the precise nature of the transfer. It’s unclear if the transfer represents a genuine sell-off or merely a typical movement of the token between the whale’s wallets.

The global crypto market cap has finally regained $1 trillion as all the major coins are trading in the green.

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