SHIB army greatly increases burn rate as meme coin has reached several milestones by now
WhaleStats on-chain data tracker has shared that over the past 24 hours, Shiba Inu meme coin has surpassed Wrapped Bitcoin (WBTC) and became the most traded digital asset for the largest 100 Ethereum whales.
This coincided with the SHIB army increasing the burn rate of their favorite canine token significantly.
SHIB burn rate jumps 5,761%
According to data published by the Shibburn tracking website earlier today, in the past 24 hours, the rate at which the SHIB army disposes of meme coins, locking them up in unspendable wallets, has surged by a whopping 5,761%.
This time, since last morning various entities and eager individuals have removed 13,696,795 Shiba Inu tokens.
The goal of burning (i.e., moving coins to dead-end wallets) is to reduce the circulating amount of a coin to a degree that will ensure its price rise, since burning makes a cryptocurrency more scarce. Pushing the SHIB price toward one dollar or at least one cent is the dream of the Shiba Inu community.
SHIB outperforms WBTC, whales buy more Shiba Inu
WhaleStats wallet tracker published a tweet which stated that the second biggest meme crypto by market capitalization value flipped Wrapped Bitcoin (WBTC) on Ethereum chain for the position of the asset most traded by the biggest ETH whales.
Check the top 100 whales here: https://t.co/N5qqsCAH8j
— WhaleStats (tracking crypto whales) (@WhaleStats) January 14, 2023
At the moment, SHIB is also sitting on the top 10 list of assets owned by ETH whales, holding the eighth position. It is also the 10th biggest asset by trading volume here.
For the first time over the past few months, Ethereum whales have increased the amount of SHIB in their portfolio. Now they are holding a total of $81,260,262 worth of this meme cryptocurrency. A week ago, this amount was four times smaller, according to WhaleStats.