Shiba Inu’s token burns have surged dramatically as March begins, driven by the substantial burns conducted in February.
The SHIB transaction tracker Shibburn is reporting a significant increase in the rate of SHIB token burns since yesterday. At the same time, it has revealed a massive amount of SHIB destroyed over the past month.
Shiba Inu Witnesses Massive Burns and Price Surge
The SHIB community has witnessed a surge in 24-hour burns, coinciding with a significant price increase observed since yesterday. Shibburn, the SHIB transaction tracker, reports that within the last 24 hours, the community’s combined efforts have led to the destruction of 37,104,438 SHIB meme coins, driving the burn rate up by 887.07%.
The largest burn transaction occurred approximately nine hours ago, where 21,540,898 SHIB was sent to dead-end cryptocurrency wallets. Following closely, the second-largest burn involved 9,740,615 SHIB, happening 16 hours ago. Additionally, three other substantial transfers accounted for 2,154,873 SHIB, 1,000,000 SHIB, and 1,802,613 SHIB, with the most recent occurring less than an hour ago.
On Friday, data from the Shibburn website indicates that less than 4 million SHIB were sent to unspendable blockchain addresses.
Image via Shibburn
Furthermore, according to Shibburn’s data, in the past month of February, the SHIB community collectively disposed of a massive 643,656,418 SHIB meme coins overall.
🔥🔥🔥 643,656,418 $SHIB tokens have been burned in the month of February with 134 transactions. #SHIB pic.twitter.com/F6ihbnd76o
— Shibburn (@shibburn) March 1, 2024
Shiba Inu Surges with Major Purchases
In the past 24 hours, Shiba Inu has experienced an enormous surge, surpassing a 70% increase and reaching a high of $0.00002250, a level last seen in April 2022. According to Spot On Chain analytics data aggregator, among other factors, three significant SHIB purchases have contributed to this remarkable price hike.
In the days leading up to the price rally, a smart whale made a substantial purchase of 75.91 billion SHIB on Binance, spending $1.51 million and subsequently withdrawing the tokens. Presently, this whale has realized a profit of $614,000, marking a significant 69% increase.
The second major purchase was executed by the founder of Maker DAO, @RuneKek, who acquired an impressive 7.41 billion SHIB for 100,000 USDT.
The $SHIB price soared over 50% (24H). What happened on-chain in the past 3 days leading to the pump?
1. Smart trader 0x37d withdrew 75.91B $SHIB (currently $1.51M) from #Binance 2 days ago before the pump, now making $614K (+69%).
🔔 https://t.co/qknAUOYg822. #MakerDAO… pic.twitter.com/qwXzW28r1N
— Spot On Chain (@spotonchain) March 2, 2024
Additionally, a blockchain wallet associated with the UPbit exchange accumulated a staggering 2.13 trillion SHIB within the past 24 hours. As of now, this wallet ranks as the seventh largest SHIB address, holding 12.45 trillion Shiba Inu tokens valued at $247 million.
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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