SHIB Burn Rate Spikes By 1,700% Ahead Of Shibarium Launch

CoingapePublished on 2023-02-27Last updated on 2023-02-27

Abstract

Shiba Inu (SHIB) is a popular cryptocurrency in the world. The SHIB burn rate has surged more that 1700% over the past 24 hours.

Shiba Inu (SHIB), the second largest meme coin in the crypto market, is gaining lots of traction lately. All thanks to the upcoming Shibarium launch and recent partnerships. SHIB price has gained more than 5% over the last 24 hours. On the other hand, the SHIB burn rate has skyrocketed, which reflects high enthusiasm among the SHIB army.

SHIB Burn Continues

According to the data on the Shibburn website, the SHIB burn rate has soared more than 1,700% over the last 24 hours. In order to reach this number, the Shiba Inu army burned a total of 85,010,208 SHIB tokens.

There have been nine major transactions that led to the increase in the number. To reduce the supply of the meme coin, one transaction shows a burn of 63,869,939 SHIB tokens.

One of the reasons behind the massive burn rate is the launch of the Shibarium portal. As previously reported by Coingape, Shytoshi Kusama, the core developer of Shiba Inu recently shared the intake form for an L2 blockchain and decentralized global system of businesses, projects, platforms, and obviously SHIB Army.

Shiba Inu Got ETH whales’ Attention

A wave of Shiba Inu coin accumulation among the top ETH whales has been spotted. As per the data provided by the Whalestats, the meme coin is one of the top 10 purchased tokens among the largest 100 ETH whales in the past 24 hours. On the other hand, the cumulative holding of the top 1000 ETH whales now stands at $649,865,754.

The Shiba Inu price has registered a gain over the past 24 hours. SHIB is trading at an average price of $0.00001276, at the press time. However, its 24-hour trading volume has declined by 0.50% to stand at $203,361,258. Shiba Inu holds a market capitalization of $7.02 billion.

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