'Dogecoin Killer' Shiba Inu Sees 1600% Rise In Burn Rate — 88M Tokens Sent To Dead Wallet In A Single Day

‘Dogecoin Killer’ Shiba Inu Sees 1600% Rise In Burn Rate — 88M Tokens Sent To Dead Wallet In A Single Day

16 January 2024

in SHIBA

Reading Time: 3 mins read

January 16, 2024 2:17 AM | 1 min read

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Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer’ Shiba Inu (CRYPTO: SHIB), has witnessed a surge in token burn activity with an increase exceeding 1600% within a 24-hour window.

What Happened: Shibburn, a Shiba Inu burn rate tracker, revealed the elimination of 88 million SHIB tokens from the actively traded supply.

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Notably, the increase in burn rate can be attributed to three anonymous wallets that effectively transferred 83 million SHIB tokens to a “dead wallet,” making them irretrievable. Additional small burns comprise the remainder of the activity.

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This spike in token burning coincides with heavy purchasing by Ethereum whales, particularly after the approval of Bitcoin’s (CRYPTO: BTC) iShares ETF. One notable investor acquired a whopping 237.869 billion SHIB tokens, along with a significant number of FTX tokens (CRYPTO: FTT) and Ethereum (CRYPTO: ETH), across various transactions.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Data from Etherscan reveals that this investor, along with four other anonymous addresses, gathered a total of 5.807 trillion SHIB over the last day, which is valued at close to $57.14 million.

At the same time, the network of Shiba Inu, Shibarium, has seen its daily transaction count fall from an average of 7 million in December 2023 to under 2 million this month, with a drop from 7.84 million transactions on December 28, 2023, to just 1.16 million on January 13, 2024.

Photo via Shutterstock

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