Tuesday, March 28, 2023

Shiba Inu burns more than 220 million tokens in 24 hours, burn rate reaches 237%

The burn rate of the Shiba Inu has increased again in the last 24 hours. According to the website that tracks the burning rate of the token, there have been several transactions in the last 24 hours to burn the Shiba Inu. Out of these, 16 transactions have been done in just 8 hours. But after that its numbers have increased further and token burning is still going on.

According to Shibburn, a website that tracks the burning of Shiba Inu, the burning rate of the token has increased significantly over the past 24 hours. According to the data given on the website’s Twitter handle, more than 220 million Shiba Inu tokens have been burned in the last 24 hours. This exact number has been reported as 219,660,376. It has been said in the report that 16 of these transactions have been done in just 8 hours. At the time of writing this the token had a burn rate of 230% which in itself is quite high.

If we talk only about June i.e. last month, then within 30 days 4,553,606,683 tokens of Shiba Inu were burnt. 400 transactions were done to burn all these tokens. These tokens were sent to the dead wallets. These are wallets that are not in use, and tokens cannot be forwarded or withdrawn from them. Once sent to these wallets, tokens go out of circulation and the total supply of tokens decreases.

In addition, it has recently emerged that the number of active addresses on the Shiba Inu network has increased. At the same time, the top 2000 Ethereum whales are increasing the number of Shiba Inu in their portfolios, according to WhaleStats, a platform that tracks data from cryptocurrency whale accounts. According to the figures released, this number has increased so much that now the Shiba Inu Mime cryptocurrency has become the largest non-stable coin holding except Ethereum. Data from WhaleStats shows that Ethereum whales currently hold $217 million worth of Ethereum coins, $60.5 million worth of USDC and $5 million worth of Shiba Inu coins.

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