SHIB Burns See 887% Surge After 634 Million SHIB Destruction in February

$SHIB transaction tracker Shibburn spreads the word about an intensive rise in the $SHIB burn rate observed since last morning. In the meantime, the same source has announced a monstrous amount of $SHIB destroyed over the past month.

The aforementioned 24-hour burns have coincided with a monstrous price increase staged by Shiba Inu since last morning.

Burn rate jumps 887%; 643 million $SHIB burned in February

Shibburn has reported that within the last 24 hours, the cumulative efforts of the $SHIB community have made it possible to destroy 37,104,438 $SHIB meme coins, pushing the burn rate 887.07% up.

The largest burn transaction here took place approximately nine hours ago, sending 21,540,898 $SHIB to dead-end cryptocurrency wallets. The second largest one burned 9,740,615 $SHIB, occurring 16 hours ago. The other three substantial transfers carried 2,154,873 $SHIB, 1,000,000 $SHIB and 1,802,613 $SHIB, the latter took place less than an hour ago.

On Friday, less than 4 million $SHIB were sent to unspendable blockchain addresses, according to data provided by the Shibburn website.

According to the same source, in the past month of February, the $SHIB community disposed of a massive 643,656,418 $SHIB meme coins overall.

Major accumulations pushing $SHIB to two-year high

Over the last 24 hours, Shiba Inu has demonstrated a mammoth-sized increase of over 70% and has reached a high of $0.00002250, last seen in April 2022. According to the Spot On Chain analytics data aggregator, aside from other factors, there were three major $SHIB purchases that contributed to the aforementioned price increase.

During the last few days that preceded the price rally, a smart whale purchased a whopping 75.91 billion $SHIB on Binance for $1.51 million and withdrew them. Currently, his profit constitutes $614,000 (69%).

The second major purchase was made by the founder of Maker DAO, @RuneKek. He acquired a staggering 7.41 billion $SHIB for 100,000 USDT. The third buy here was made by a blockchain wallet related to the UPbit exchange — it accumulated 2.13 trillion $SHIB over the past 24 hours. At the time of writing this, this wallet is ranked as the seventh largest $SHIB address, and it holds 12.45 trillion Shiba Inu worth $247 million.