The Shiba Inu burn rate has increased significantly, moving away from the negative trend observed yesterday, while the price tries to rise.
The Shiba Inu supply keeps getting smaller due to ongoing token burns by the SHIB community, and this time, they’ve increased the burn rate. At the same time, a large Shiba Inu transfer has taken place between two anonymous wallets.
SHIB Burns Surge 208%, Millions of SHIB Tokens Incinerated
In the last 24 hours, according to data from the Shibburn portal, the SHIB community burned a total of 39,833,293 SHIB tokens, increasing the burn rate by 208.98%.
The largest Shiba Inu transfer involved 27,448,699 SHIB tokens sent to a blockchain address with no return, about 10 hours ago. The second-largest transfer moved 8,583,153 SHIB to an “inferno” wallet, as reported on the Shibburn website.
Just the day before, the SHIB burn rate was significantly lower, nearly reaching minus 100%, with only 4,718,135 meme coins locked in dead-end wallets.
Earlier this week, on Monday, the burn rate increased by more than 425% thanks to the successful burning of 59,981,448 SHIB. This was the most significant increase in this metric over the past few weeks when the burn rate could sometimes reach 100% or more.
4.5 Trillion Shiba Inu Coins in Motion
Huge SHIB Transfer: About 17 hours ago, the crypto tracking platform Whale Alert detected a massive transfer of 4,575,030,677,374 SHIB tokens, valued at $31,629,474 when the transfer occurred.
Anonymous Transaction: The wallets of both the sender and the receiver didn’t have registered owners, so Whale Alert labeled them as “unknown.” This marked the second time that a transfer of over four trillion SHIB tokens took place between unidentified blockchain addresses.
— Whale Alert (@whale_alert) October 17, 2023
SHIB Holder Concentration: High-tier SHIB holders continue to dominate the market, collectively holding nearly 64% of the total circulating supply, which equals 623.5 trillion SHIB. Interestingly, only 12 wallet addresses possess such a significant amount of SHIB tokens.
Additional Wallets: Apart from these top 12 holders, there are 47 wallets that each contain between 0.1% and 1% of the total supply, making up about 14.22% in total. This translates to nearly 140 trillion SHIB tokens. The concentration of coins in these few wallets means that large SHIB transactions can have a significant impact on the market.
Recent Price Movement: Over the last 24 hours, the price of Shiba Inu has fallen by 2.48%. The most substantial drop occurred yesterday, with several hours of decreasing value. Today, SHIB tried to recover some losses but was unsuccessful. Currently, the popular meme coin SHIB is trading at $0.00000689 on the Binance exchange.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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