Shiba Inu: Burn rate jumps 706% as owner numbers soar overnight

SHIB Army continues to remove meme coins from circulation as new users join the network all the time.

As reported by the Shibburn Twitter account, which represents a burn tracking service, over the past 24 hours, SHIB’s burn rate has increased substantially, by more than 700%.

Meanwhile, the SHIB meme currency has once again dropped off the list of the top 10 wallets on the Ethereum blockchain.

SHIB army increases its burn rate overnight

According to the Shibburn website, the Shiba Inu burn rate has increased by 706% over the past 24 hours. This occurred after 16,037,016 SHIBs were sent to the wallets “infernal“.

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The largest transaction contains 8,495,098 Shiba Inu sent by an address ending in -ffdeaa.

Overall, the total amount burned this week, according to the data shared by the aforementioned tracker, will not exceed 100 million meme coins.

Image via Shibburn

SHIB disappears from the top 10 assets

The WhaleStats tracker that aggregates wallet data on several leading blockchains, including Ethereum, BSC and several others, over the past 24 hours, the Shiba Inu crypto has disappeared from the list of the top 10 assets held by the 100 largest whales on Ethereum.

This is the second time this has happened this month, and now the whales have added MANA, stETH and ANT as their largest holdings. Their compound portfolio now contains 35.59% MANA, 34.21% stETH (both worth over $1,000,000 in fiat equivalent) and 12.45% ANT ($370,000 in USD).

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Image via WhaleStats

Still, SHIB continues to add thousands of users. In the last 24 hours, the total number of SHIB holders has increased by about 1,000, from 1,265,003 to 1,690,000. 1,266,039 now. Earlier this week, the number of SHIB holders also showed strong increases in one day.

As for the price of SHIB, at the time of writing it has fallen to $0.000008616, losing 3.37% over the past 24 hours, according to data provided by CoinMarketCap.

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