SHIB Burn Rate Soars 395% as 155 Million Tokens Got Removed Last Week

10 October 2022

in SHIBA

Reading Time: 2 mins read

Yuri Molchan

Amount of Shiba Inu meme tokens burned on weekly basis keeps growing smaller

Contents

155 million burned, rate rises 395%
Whale buys 100 billion Shiba Inu

The sum of Shiba Inu that was burned during the last week has dropped substantially, and it was low on a daily basis during that period, too. Still, today, the burn rate has shown a significant rise, according to Shibburn tracker.

In the meantime, over the weekend, whales have bought a hefty lump of SHIB.

155 million burned, rate rises 395%

Shibburn platform, which traces SHIB burn transactions and removes meme tokens to dead-end wallets, has shared via its Twitter handle that over the past seven days, the amount of burned coins has dropped massively compared to the one before that.

This time, Shibburn counted—thanks to the joint efforts of the SHIB army—a total of 108,611,459 meme coins sent to unspendable wallets. Another 44 million SHIB were removed from circulation in the past 24 hours, which makes it roughly 155 million in all by now.

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In the last 7 days, there have been a total of 108,611,459 $SHIB tokens burned and 34 transactions. #shibarmy

— Shibburn (@shibburn) October 9, 2022

On Oct. 2, U.Today reported that during the previous week, the SHIB community had managed to burn approximately half a billion meme coins.

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shibburn_rate12343t5 — *Image via Shibburn*

Whale buys 100 billion Shiba Inu

On Saturday, U.Today reported that an anonymous wallet owner had purchased a whopping 100,000,000,000 Shiba Inu tokens, paying $1.1 million for them at the exchange rate on the day of the buy. The acquisition of the crypto was made on the KuCoin exchange.

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Overall, as of today, the 100 largest whales on Ethereum are holding a “stable amount” of SHIB (which they had not added to or subtracted from over the past couple of weeks): 12,404,455,214,963. This amount of SHIB is worth $134,295,514 and comprises 4.98% of their portfolios.

At the time of this writing, the second most popular canine token is trading at $0.00001084, per figures provided by the CoinMarketCap platform.

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