Whale Burns 127M Shiba Inu Tokens, Burn Rate Spikes 1,500%

Sahana Kiran
Shiba Inu
Source – Pixabay

The Shiba Inu [SHIB] ecosystem witnessed major growth this year. While its price certainly took a backseat, in terms of development, the network took the front stage. Shiba Eternity, the card game along with Shibarium and Shib’s very own metaverse, the network managed to stay more than just relevant. In addition to this, eliminating the supply of SHIB more commonly known as burning SHIB certainly garnered attention. With the entire community joining in, the network managed to slash a significant amount of its supply.

Over the last 24 hours, the burn rate of SHIB witnessed a major surge. The amount of Shiba Inu tokens that were sent to a dead wallet was so high that the burn rate spike by 1,502 percent.

As per the Shibburn website, a total of 134,658,618 SHIB was burned over the last 24 hours.

In addition to burns, whales are of great importance in the Shiba Inu ecosystem. The network entails loyal whales who have been on a purchasing spree despite market conditions. It looks like some of these whales were aiding the massive burns carried out in the network.

It was brought to light that a whale sent a whopping 126,735,223 SHIB to a dead wallet. A transaction of this magnitude is speculated to have spiked the burn rate of SHIB.

Shiba Inu’s burn rate up 1,500%; price down by 3%

Despite all the efforts to slash the supply of Shiba Inu, the price of the asset hasn’t witnessed major changes. As the supply of the asset dips, the price is usually expected to rise. However, the latest burn did not seem to affect the price of SHIB.

At press time, Shiba Inu was trading for $0.00001057 and even recorded a 2.70 percent drop over the last 24 hours. It should be noted that throughout the last couple of days, SHIB dipped by 13 percent which is way more than what its counterparts endured.

The Shiba Army has time and again pointed out that its current burning rate wasn’t doing any good. Several suggested that trillions worth of SHIB had to be burned on a daily basis for the ecosystem to reap benefits.