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Shiba Inu Burn Rate Jumps 950%; SHIB Price Increase?

  • Shiba Inu Coin burn rate has climbed 950% in 24 hours. SHIBarmy burned about 11.1 million SHIB tokens.

  • Shiba Inu prices fell slightly. SHIB, however, is more profitable than Dogecoin (DOGE).

02-Feb-2023 By: Ashish Sarswat
Shiba Inu Burn Rate

Over the past 24 hours, the burn rate for Shiba Inu Coins has increased by about 950%. More than 11.1 million SHIB tokens were burned by SHIBarmy.

The community has given Shiba Inu (SHIB), the second-largest meme cryptocurrency in the world, a tonne of support as it continues to rise. Within the past 30 days, the price of SHIB has increased by more than 41%. However, the recent crypto market rebound mostly served as this surge's main driver.

Price drops for Shiba Inus but burn rates rise

According to data given by Shibburn, the burn rate for Shiba Inu Coins has increased over the past 24 hours by almost 950%. The SHIBarmy burned more than 11.1 million SHIB tokens to get to this amount.

In just 223 transactions, the data tracker revealed that about 1.2 billion Shiba Inu coins were burnt in the month of January.

Over the previous 24 hours, there has been a little decline in the price of Shiba Inus. SHIB, on the other hand, has proven to be more profitable over time than Dogecoin (DOGE). In the past 60 days, DOGE prices have fallen by 8%, while SHIB prices have increased by 25% within the same time frame.

As of the time of publication, SHIB is trading at an average price of $0.0000121. However, its $220 million 24-hour trading volume has decreased by 30%. Market capitalization for Shiba Inu is $6.45 billion.

The preferred SHIB for ETH whales

Among the top 100 Ethereum (ETH) whales, a surge of Shiba Inu coin acquisition has been noted. SHIB became the most traded token among the largest whales, according to statistics from Whalestats. To take the top position, Shiba Inu flipped the Wrapped Ethereum (WETH) coin.

While Shiba Inu Coin was among the top 10 tokens purchased over the prior day by the top 100 ETH whales, The largest token held by these whales, however, in terms of dollar worth is SHIB. SHIB coins worth $586 million are held by the top 100 ETH whales.

The combined holding of the top 2000 ETH whales is currently $607 million, though.

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