Tens of millions of Shiba Inu coins have been sent to ‘inferno’ wallets since yesterday morning, with burn rate rising substantially
Shibburn tracking website spreads the word that in the span of the last 24 hours, the Shiba Inu community has successfully disposed of another significant chunk of SHIB meme coins by moving them to dead-end wallets.
On Monday, the week started with a negative burn rate; however, after the lead developer of SHIB made his bullish statement one the price, the burn rate of SHIB soared by more than 100%.
SHIB burns jump, millions of coins sent to oblivion
Per data recently posted by Shibburn on its website, within the last 24 hours, 45,379,403 SHIB have been transferred to dead blockchain addresses in total. The burn rate went up from below zero to 100.54% thanks to this.
The biggest transaction on this burn list carried 9,891,756 SHIB, and the smallest carried 14,292 meme coins.
Last week, according to the same source, the community managed to remove a total of 341,152,570 SHIB from the circulating supply.
Shytoshi Kusama says what can move SHIB price up in future
Earlier this week, the leader of the SHIB development team, known to the community as Shytoshi Kusama, responded to a commentator who complained that the SHIB price has not moved an inch recently.
Kusama “shared a secret” that only hard work can help the price of the popular meme coin grow. In the meantime, the main brainchild of Shytoshi after SHIB (which he launched together with Ryoshi) is Layer-2 blockchain Shibarium.
In was launched on Aug. 15, then relaunched after a collapse due to a mind-blowing inflow of traffic. Now, since the almost 40 days since the second release, Shibarium has managed to reach several milestones; the number of transfers on this network has surpassed a 3.3 million record, while the total count of mined blocks has surged over the one million level.
Shiba Inu price performance
Still, SHIB is trading at the $0.000006972 price mark without making any significant attempts to rise. It has been pushed to the 19th spot, according to CoinMarketCap recently, and has so far managed to regain 18th place there.
The leading digital currency Bitcoin fell below the $28,000 level after the Stars Arena hack that happened over the weekend, pulling down the whole crypto market along with it, including SHIB. In the past seven days, the second-biggest canine coin has lost over 4%.