Half-Billion SHIB Destroyed, But Burn Rate Declines 27%: Report

As reported by burn tracking platform Shibburn, over the past 24 hours, a staggering sum of Shiba Inu has been locked up in unspendable wallets by various members of the global SHIB army.

More than half a billion meme tokens have been shifted to dead-end wallets.

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In the meantime, whales’ purchasing activity related to SHIB has surged as their comprised Shiba Inu stash has increased by almost 25%.

525.2 million Shiba Inu destroyed

Shibburn tweeted that several soldiers in the Shib army have burned a total of 525,200,039 meme coins since yesterday morning.

The largest single transactions among those carried 93,303,458 SHIB 22 hours ago and 82,140,154 four hours ago. The burn rate, however, has dropped by 26.99%.

As reported by Cryptolifedigital, a day before, a mind-blowing 22 billion SHIB had been burned over the past seven days, and 667 million canine tokens were locked in unspendable wallets permanently within 24 hours.

As stated by the WhaleStats on-chain data service that is focused on tracking the 100 largest wallets on Ethereum, Polygon, and other chains, over the past 24 hours, Ethereum whales have added roughly $200 million worth of Shiba Inu to their holdings.

On May 23, they held a total of $588,788,065 worth of SHIB. Now, as per the main page of the WhaleStats website, this figure has grown to the equivalent of $833,034,530 in Shiba Inu.

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The percentage of SHIB in the whales’ comprised portfolio has increased from 12.16% to 15.86%.

At the Writer’s time, the 16th largest crypto, Shiba Inu, is sitting at $0.0000115 after a 6.65% drop over the past 24 hours. Currently, the meme coin is 86.93% below its historic peak of $0.00008, reached seven months ago in October.

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Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you're a seasoned investor or just starting out, Cryptolifedigital's analysis offers valuable insights into the world of cryptocurrency.