Shibburn blockchain tracker has revealed that over the past 24 hours, the SHIB army has managed to burn more than a dozen million meme coins out of the circulating supply, triggering a massive burn rate increase.
Meanwhile, the price of the second most popular meme cryptocurrency Shiba Inu continues to trade sideways, moving in the $0.00001530 range.
SHIB burn rate skyrockets 1,155%
A tweet recently published by Shibburn revealed that since last morning, the SHIB community has demonstrated a substantial increase, going up as high as 1,155.95%. That massive increase was achieved thanks to a total of 15,161,271 SHIB getting removed from circulation.
The largest single amount of SHIB locked in unspendable wallets over that period of time comprises 14,089,269 SHIB.
As for the past week, here, despite the much bigger amount of meme coin transferred out of circulation, the weekly burn rate is deep in the red zone: minus 93.38% with 75,298,908 SHIB burned thanks to SHIB community’s cumulative efforts.
Related
$20,136,020 worth of SHIB leaves Kraken
Earlier this week, a prominent blockchain sleuth Whale Alert detected a jaw-dropping amount of SHIB withdrawn from one of US largest and oldest cryptocurrency exchanges – Kraken.
The data source revealed that 1,239,940,928,235 SHIB worth $20,136,020 was transferred from a Kraken wallet to an unknown blockchain wallet. However, Arkham Intelligence data tracker showed that that tremendous SHIB lump was sent to a wallet also associated with Kraken.
But there was more – on that day, Arkham registered 733 billion SHIB of total outflows from that crypto trading platform.
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