Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

'Dogecoin Killer' Shiba Inu Sees 1600% Rise In Burn Rate — 88M Tokens Sent To Dead Wallet In A Single Day

Published 16/01/2024, 07:17
© Reuters.  'Dogecoin Killer' Shiba Inu Sees 1600% Rise In Burn Rate — 88M Tokens Sent To Dead Wallet In A Single Day
SHIB/USD
-

Benzinga - Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer' Shiba Inu (CRYPTO: SHIB), has witnessed a surge in token burn activity with an increase exceeding 1600% within a 24-hour window.

What Happened: Shibburn, a Shiba Inu burn rate tracker, revealed the elimination of 88 million SHIB tokens from the actively traded supply.

Notably, the increase in burn rate can be attributed to three anonymous wallets that effectively transferred 83 million SHIB tokens to a "dead wallet,” making them irretrievable. Additional small burns comprise the remainder of the activity.

This spike in token burning coincides with heavy purchasing by Ethereum whales, particularly after the approval of Bitcoin's (CRYPTO: BTC) iShares ETF. One notable investor acquired a whopping 237.869 billion SHIB tokens, along with a significant number of FTX tokens (CRYPTO: FTT) and Ethereum (CRYPTO: ETH), across various transactions.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Data from Etherscan reveals that this investor, along with four other anonymous addresses, gathered a total of 5.807 trillion SHIB over the last day, which is valued at close to $57.14 million.

At the same time, the network of Shiba Inu, Shibarium, has seen its daily transaction count fall from an average of 7 million in December 2023 to under 2 million this month, with a drop from 7.84 million transactions on December 28, 2023, to just 1.16 million on January 13, 2024.

Photo via Shutterstock

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.