Shiba Inu Community Raises Burn Rate by 140,000% in 24 Hours 🚀
The meme-inspired cryptocurrency Shiba Inu ($SHIB) has seen its burn rate surge almost 140,000% in the last 24 hours. Over 100 million tokens were sent to a dead address, contributing to this significant increase.
Shiba Inu Burn Rate Update 🔥
Here are some key points about the recent surge in Shiba Inu’s burn rate:
- 105,981,775 SHIB tokens were burnt in the past day, raising the burn rate by 137,411.87%.
- The seven-day burn total now stands at 114.7 million SHIB.
Understanding Burn Addresses ✉️
Shiba Inu has three burn addresses on the Ethereum network. These addresses are crucial for token management:
- Burn addresses are not controlled by anyone, ensuring tokens sent to them are removed from circulation.
SHIB Whales and Token Accumulation 🐋
Recent data reveals interesting trends among SHIB holders:
- Non-exchange whale wallets have been accumulating SHIB, while the top 150 exchange wallets have seen a decline in holdings.
- Non-exchange whales added approximately 6.57 trillion tokens, contrasted with a 5.53 trillion decrease in exchange holdings.
Implications of Decreasing Exchange Holdings 💼
The decline in exchange holdings can have important implications:
- Decreased exchange holdings may signal a diminishing supply of SHIB available for immediate sale.
Hot Take: Shiba Inu’s Burn Rate Surges 🔥
The Shiba Inu community’s efforts have dramatically increased the burn rate, showcasing strong support for the cryptocurrency. With over 100 million tokens sent to a burn address in just 24 hours, the community’s commitment to reducing circulating supply is evident.
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