Here’s How Shiba Inu Fares With 706% Burn Rate And Growing Users

Shiba Inu is one of the most famous meme coins in the crypto sphere that has emerged and shocked the world with its performance. The meme coins have since been shown to be much more than the simple meme tokens that they were once thought to be. The majority of the growth of meme coins may be attributed to Shiba Inu and its innovations.

Shiba Inu is without a doubt the most advanced cryptocurrency, even though Dogecoin is referred to as the “king of meme coins.” For the SHIB Army, the SHIB team has worked on a range of projects. The necessity to lessen the quantity of SHIB in circulation gave rise to the SHIB burn initiative. The goal is to raise prices and create scarcity as a result of this.

The burn rate of SHIB has significantly increased during the past 24 hours, increasing by more than 700%, according to information given by the Shibburn Twitter handle, which stands for a well-known burn tracking service. In the meantime, SHIB, a well-known meme coin, has once more dropped out of the top 10 list of the biggest wallets on the Ethereum network.

Shiba Inu burn rates have increased dramatically during the last 24 hours, by a staggering 706%, according to the Shibburn website. After 16,037,016 SHIB were transmitted to “inferno” wallets, this took place. The largest burn-transaction in this location included 8,495,098 Shiba Inu and was made by an address with the suffix-ffdeaa.

According to the information given by the aforementioned tracker, the total amount burned this week won’t likely exceed 100 million meme coins.

Shiba Inu Vanishes From Top 10

Shiba Inu canine cryptocurrency has vanished from the top 10 list of assets held by the wealthiest 100 whales on Ethereum, according to the WhaleStats tracker, which collects data pertaining to wallets on various prominent blockchains, including Ethereum, BSC, and several more.

For the second time this month, the whales have increased MANA, stETH, and ANT to their list of largest holdings. Their compromised portfolio currently consists of 35.59% of MANA, 34.21% of stETH, and 12.45% of ANT ($370,000 in USD), all of which are valued at over $1,000,000 in fiat equivalent.

Nevertheless, SHIB keeps on adding thousands of new users. The total number of SHIB holders increased by about 1,000 over the previous 24 hours, from 1,265,003 to 1,266,039 at this time. The SHIB holder count earlier this week likewise showed significant increases in just one day.

At the time of writing, Shiba Inu was priced at $0.00000865 and had taken a plunge of 2.9% over the last 24 hours.