Yuri Molkhan
The SHIB army is increasing the burn rate significantly as the meme coin has since passed several milestones
contents
- SHIB burn rate increases by 5,761%
- SHIB outperforms WBTC, whales buy more Shiba Inu
WhaleStats on-chain data tracker has reported that the Shiba Inu mem coin has outperformed Wrapped Bitcoin (WBTC) over the past 24 hours to become the most traded digital asset for the top 100 Ethereum whales.
This coincided with the SHIB Army significantly increasing the burn rate of their favorite canine token.
SHIB burn rate increases by 5,761%
According to data released today by tracking website Shibburn, over the past 24 hours, the rate at which the SHIB army is dumping meme coins and locking them up in non-consumable wallets has increased by a whopping 5,761%.
This time, as of yesterday morning, various entities and eager individuals have removed 13,696,795 Shiba Inu tokens.
The goal of burning (i.e. moving coins into dead-end wallets) is to reduce a coin’s circulation quantity to a level that ensures its price rise, as burning makes a cryptocurrency more scarce. Getting the SHIB price down to a dollar or at least a cent is the dream of the Shiba Inu community.
Image via Shibburn
SHIB outperforms WBTC, whales buy more Shiba Inu
Wallet tracker WhaleStats released a tweet stating that the second largest meme crypto by market cap value has flipped Wrapped Bitcoin (WBTC) on the Ethereum chain for position as the most traded asset by the largest ETH whales.
📰 CURRENTLY IN: $SHIB @Shibtoken turned around $WBTC for MOST TRADED tokens among the top 100 #ETH whales
Check the top 100 whales here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see data for the top 5000!)#SHIB #WBTC #whalestatistics #babywhale #BBW pic.twitter.com/3Je2fmpwto
— WhaleStats (tracking crypto whales) (@WhaleStats) January 14, 2023
At the moment, SHIB also sits on the top 10 list of ETH whale assets, taking the eighth place. It is also the 10th largest asset by trading volume here.
For the first time in the past few months, Ethereum whales have increased the amount of SHIB in their portfolio. Now they hold this meme cryptocurrency worth a total of $81,260,262. A week ago, that amount was four times smaller, according to WhaleStats.