Shiba Inu Burn Rate Drops by 50% After Three Days of Soaring Burn Rate

Vignesh Karunanidhi
Shiba Inu Burn Rate Drops by 50% After Three Days of Soaring Burn Rate

Finally, the erratic and brutal year 2022 has come to an end. As 2023 is here, many people are hoping that the persistent bear market will come to an end. The collapse of the FTX exchange and other catastrophic events that occurred in 2022, such as the collapse of the Terra ecosystem, had a significant impact on the cryptocurrency market.

In terms of burns, 2022 has been a complicated year for Shiba Inu. Over the course of the year, the burn rate has varied quite a bit, with some months documenting over 4000% and others with a sizable decrease.

The beginning of 2023 has been quite good for Shiba Inu in terms of burn. The burn rate spiked over 100% over the last three days, with millions of SHIB burned. However, according to the details on the Shibburn website, the burn rate has plummeted by 50% over the last 24 hours.

Source: Shibburn

The details revealed that 70.9 million Shiba Inu were sent to dead wallets over the last 24 hours. However, it was not good enough to keep up with its rally for the last three days. Nevertheless, the community hopes that more SHIB will be sent to dead wallets, which can help create scarcity and boost its price.

Shiba Inu is always a whale favorite

According to the details from WhaleStats, Shiba Inu ranks first in terms of holdings among the top 100 ETH whales.

These whales collectively hold $45,701,111 worth of SHIB. Whales have been frequently accumulating and dumping SHIB in large quantities. At press time SHIB is trading at $0.000008257 according to the data from CoinMarketCap.