ShibaInu burns jump by over 7,900% despite the recent 5% price drop. shibburn $SHIB WhaleStats
In the meantime, the prominent meme coin reached a new milestone for the top whales on the Ethereum chain.Thanks to the joined efforts of the Shiba Inu army, the overall rate at which SHIB tokens have been shifted to unspendable wallets has risen to the astounding 7,909% level within the last 24 hours.
Over this period of time, a total of 43,192,603 Shiba Inu has been locked into"inferno" wallets. Over the past week, the overall amount of burned meme tokens constitutes 148,357,592 SHIB, according to the tweet. Burning tokens, i.e., moving them to unspendable addresses, helps to decrease the circulating amount of tokens and thus makes them more scarce. The more scarce an asset is, the higher its price may go, at least in theory.In the case of Shiba Inu, at the moment, there are 549,063,278,876,302 meme coins in circulation on the market, according to data provided by CoinMarketCap. The Shibburn website's data is a little different as it shows there are 572,486,984,175,662 circulating at the moment.
Still, per the Shibburn site, since late 2021, the Shiba Inu community has managed to burn 410,385,292,187,342 SHIB from the initial supply of one quadrillion.
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