SHIB burn rate jumps nearly 500% on this new support achieved by the Shiba

In the meantime, Shiba Inu has surpassed in terms of market capitalization – Tron (TRX) and Solana (SOL) – reaching another major milestone.

SHIB’s burn rate makes a significant jump but collapses overall.

In the last 24 hours, the joint efforts of the Shiba Inu army have resulted in the destruction of 5,712,508 pieces of memes. Now the burn rate is up 480%. Overall, in recent weeks, the number of burned SHIB tokens, i.e., those moved to non-usable wallets, has dropped significantly. Especially in October, an average of 20 million Shiba Inu were burned every day.

On Sunday, the burning rate of the second largest meme currency in terms of market capitalization, after DOGE, increased by an incredible 5,200%. However, the amount of SHIB burned was 197,799,286 coins.

SHIB outperforms TRX and SOL

Shiba Inu has surpassed in market capitalization – Tron’s TRX and Solana’s SOL – by the size of its market capitalization. SHIB’s market cap now includes $5,407,323,862 as it has taken the 13th spot on CoinMarketCap’s crypto-currency scale.

At the time of writing, Shiba Inu is changing hands at $0.000009658 after falling 20.50% over the past week.

Whale crisis with SHIB

Multi-blockchain focused wallet tracker WhaleStats shows that whales seem to be somewhat disappointed with the SHIB token.

The aggregate amount of SHIB held by the top 100 whales on Ethereum is less than $100 million – $82,854,494 in USD equivalent.

SHIB and FTX insolvent

This week and last week, however, anonymous whales transferred over 1 trillion SHIB. This week, someone withdrew about 1.2 trillion Shiba Inu from the FTX exchange just before it suspended withdrawals.

The exchange was declared insolvent because of financial problems at its related Alameda trading company. Binance, a major rival of FTX, initially offered to bail it out. However, it later backed out of the deal because it was unable to buy FTX along with FTX US.

Now Justin Sun, who recently acquired a key stake in the Huobi exchange, is working with FTX on a solution to ensure the withdrawal of TRX, BTT and other TRON-affiliated tokens, as well as Huobi’s HT token, by their individual holders.

Further to my announcement to stand behind all Tron token (#TRX, #BTT, #JST, #SUN, #HT) holders on #FTXwe are putting together a solution together with #FTX to initiate a pathway forward. @FTX_Official

– H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) November 10, 2022