cryptoglobe.com
The community behind the meme-inspired cryptocurrency Shiba Inu ($SHIB) has helped its burn rate skyrocket nearly 140,000% over the last 24-hour period, with over 100 million tokens being sent to a dead address as a result.
According to data from Shiba Inu burn tracking platform Shibburn, over the past day a total of 105,981,775 SHIB tokens were burnt, raising its burn rate by a whopping 137,411.87% and helping its seven-day period burn rise to 114.7 million SHIB.
In the past 24 hours, there have been a total of 105,981,775 $SHIB tokens burned and 3 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/WEfm21tQGi
— Shibburn (@shibburn) August 9, 2024
Shiba Inu has three burn addresses. These are part of the Ethereum network and are also used for other tokens. A burn address is an address that isn’t controlled by anyone, which means that once tokens are sent, they are effectively being removed from circulation.
As CryptoGlobe reported, SHIB whales have been accumulating, with on-chain data showing an accumulation among non-exchange whale wallets. The top 150 exchange wallets, according to Santiment, have seen a sharp decline in their SHIB holdings, representing a decrease of 5.53 trillion tokens. Conversely, non-exchange whales have amassed a substantial amount of SHIB during this period, with their holdings growing by roughly 6.57 trillion tokens.
Traditionally, investors store cryptocurrencies on exchanges so these are easily accessible if they want to sell them. Therefore, a decrease in exchange holdings can be interpreted as a decline in the available supply of SHIB for immediate sale.