Carnage in the cryptocurrency market was undoubtedly sparked by the collapse of the FTX empire. While Bitcoin [BTC] fell below $16K earlier this week, almost every asset in the market was seen bleeding. However, meme coins appeared to be on the mend. For instance, Shiba Inu [SHIB] saw a rise in both its price and the number of holders.
Over the past 24 hours, there has been a noticeable increase in the total number of unique addresses that are home to SHIB. At the time of publication, there are currently 1,272,067 SHIB holders. The data was collected after analysis by the whale tracker, WhaleStats.
Shiba Inu burn rate drops
The SHIB burn rate has been quite inconsistent lately. On some days, there is a skyrocketing burn rate, whereas there is a drop in burn rate on other days. As per the details from Shibburn, the burn rate has dropped in the last 24 hours. It is currently 97.68% down during this period. Only 1,223,155 SHIB have been sent to dead wallets in the last 24 hours.
SHIB is currently trading at $0.00000906 at press time. As per the details from CoinMarketCap, SHIB is down 0.2% in the last 24 hours. The continuous effort to send SHIB to dead wallets is with the vision of causing scarcity related to the price of SHIB in the long term.