SHIB Burn Rate Skyrockets Amid Shiba Inu Price Surge
Shibburn, a tracking platform for SHIB transactions, has recently noted a sharp increase in the rate at which SHIB coins are being burned.
This surge coincides with a significant rise in the price of Shiba Inu cryptocurrency observed since yesterday morning. In the past 24 hours alone, the SHIB community has managed to destroy 37,104,438 SHIB coins, marking an 887.07% increase in the burn rate.
Noteworthy transactions include one that sent 21,540,898 SHIB to inaccessible wallets about nine hours ago, and another burning 9,740,615 SHIB 16 hours prior.
Additionally, three other substantial transfers took place, totaling millions of SHIB coins sent to unspendable addresses last Friday.
🔥🔥🔥 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
Furthermore, data from Shibburn reveals that in February, a staggering 643,656,418 SHIB coins were disposed of by the community.
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Meanwhile, the price of Shiba Inu has surged by over 70% in the last 24 hours, reaching $0.00002250, a level not seen since April 2022.
This surge is partly attributed to significant SHIB purchases, including one investor buying 75.91 billion SHIB on Binance, another by the founder of Maker DAO acquiring 7.41 billion SHIB, and a substantial purchase by a blockchain wallet related to UPbit exchange, which now holds 12.45 trillion SHIB worth $247 million, ranking as the seventh-largest SHIB address.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
