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Shibburn wallet tracker has spotted an extensive increase in the Shiba Inu burn rate metric after several hundred million SHIB meme coins have been transferred out of the circulating supply.
As this massive amount of Shiba Inu has been incinerated, several SHIB mega-large whales have been noticed to move billions and trillions of meme coins.
SHIB burn rate skyrockets
Per recent data shared by the above-mentioned source, within the last 24 hours, the Shiba Inu community managed to dispose of 235,603,488 SHIB in total; this amount of meme cryptocurrency is evaluated at merely $2,482 in fiat.
The increase printed by the burn rate amounted to a whopping 48,083.50% — a value that has not been seen too frequently in recent weeks. This impressive surge in burns was achieved via 16 transactions, and most of these SHIB were burned in a single move as 220,729,973 Shiba Inu were sent to an unspendable blockchain wallet.
The second largest SHIB transaction carried 13,140,241 meme coins, while a few others contained less than 1 million SHIB.
The SHIB community seems to be striving to burn as much SHIB as possible since when a substantial amount of coins gets burned, this is expected to raise the coin’s price. Recently, Shiba Inu Discord admin DaVinci stated that all the funds for burning Shiba Inu have to come from users, whether it is transaction fees on Shibarium or individual burns.
The SHIB developer team has also been burning massive quantities of SHIB coins; in December and the last week of November, they burned four chunks of approximately 8.5 billion Shiba Inu, making it more than 36 billion SHIB in total.
Whales shovel trillions of SHIB
As reported by сryptocurrency tracker Whale Alert, a tremendous SHIB lump was moved between anonymous wallets — in total, 4,253,619,279,051 SHIB meme coins exchanged hands. This amount of SHIB was evaluated at $44,909,712 at the time when the transfer was made slightly less than 24 hours ago.
Also, according to Arkham Intelligence on-chain data platform, a whale received an impressive 417.138 billion SHIB from an anonymous wallet. That SHIB amount was worth $4.43 million in fiat. These transfers indicate a rising interest of cryptocurrency whales toward Shiba Inu.