Shiba Inu (SHIB) Burn Rate Climbs by 785% With 573M SHIB Burnt

• There has been a surge in trading volume for Shiba Inu, according to WhaleStats.
• At one point, Shiba Inu hit an intraday high of $0.00001263, an 18% increase.

Since yesterday, Shiba Inu’s burn rate has increased dramatically, according to the Shibburn website. A staggering 519,456,549 SHIB tokens were recently burnt, according to the SHIB Burn Twitter account, which made the announcement. Following this, a large sum of SHIB was burnt in a series of transactions.

Over $1.2 Billion SHIB Burnt Since Last Week

According to the Shibburn website, the SHIB burn rate has increased by 785 percent, with 573 million SHIB being delivered to dead wallets. The Shiba Inu community has burned SHIB tokens worth over $1.2 billion since last week.

Shiba Inu primary developer Shytoshi Kusama believes a “true community effort” seems to be a requirement for huge Shiba Inu burning. He claims that the initiative is making progress in several directions. While he hopes the timing works out perfectly, he admits that this may take some time.

There has been a surge in trading volume for Shiba Inu, according to WhaleStats, which lists the most popular assets among the top 100 ETH whales. Among the top 5,000 ETH whales, the meme cryptocurrency is among the most often utilized smart contracts in the last 24 hours. The top 100 ETH whales own $552,365,002 worth of Shiba Inu, or 19.44 percent of their portfolio, making it the most significant holding for whales.

There are now 1,207,857 Shiba Inu owners, according to WhaleStats statistics. At one point, Shiba Inu hit an intraday high of $0.00001263, an 18% increase. According to CMC, the Shiba Inu price today is $0.000012 USD with a 24-hour trading volume of $863,341,946 USD. Shiba Inu has been down 0.12% in the last 24 hours.

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