At the same time, the total amount of SHIB burned in the past 24 hours has seen a steep drop.
417.3 billion SHIB in motion, 3 trillion bought
Since nearly half a billion Shiba Inu currencies were sent in a single transaction, the details provided by Etherscan show that this was a transaction from one Binance wallet to another. The fiat equivalent of this amount is $4,186,887.
The exchanges and whales have become active recently, moving large amounts of Shiba Inu. On October 18, a notable amount of SHIB was transferred to a blank wallet, carrying 3,388,119,787,804 meme coins. Thus, the market may have witnessed the emergence of a new SHIB whale. This amount of meme coins is worth $34,887,130.
🚨 🚨 🚨 3,388,119,787,804 #SHIB (34,887,130 USD) transferred from unknown wallet to unknown wallethttps://t.co/CkmBbOQoRh
– Whale Alert (@whale_alert) October 18, 2022
SHIB burns decrease
According to a recent tweet posted by the Shibburn Twitter account, which tracks the withdrawal of SHIBs from the circulating supply, only 10,343,321 Shiba Inu coins were burned in the last 24 hours.
More recent data from their website shows a figure twice as large – 25,991,998 SHIBs, showing that the burn rate of the meme coin has increased by 649.92%.
Even so, the overall rate of SHIB burning by the community is much lower than in the summer, when a minimum of 100 million coins were burned each day and one or two billion SHIB disappeared in a week.
Now that the second largest SHIB meme token is trading 88.63% lower than its all-time high of $0.00008845 set in late October of last year, it would seem to be a good opportunity to burn Shiba coins. However, the community doesn’t seem to be in a hurry to do so, as the whales continue to make a profit trading millions and billions of Shiba Inu.