The SHIB army greatly increases the burn rate as the meme coin has reached several milestones by now
Contents
- SHIB fire rate increases by 5,761%
- SHIB outperforms WBTC, whales buy more Shiba Inu
WhaleStats on-chain data tracker has shared that the Shiba Inu meme coin has surpassed Wrapped Bitcoin (WBTC) in the past 24 hours to become the most traded digital asset for the top 100 Ethereum whales.
This coincided with the fact that the SHIB army significantly increased the burn rate of their favorite dog token.
SHIB fire rate increases by 5,761%
According to data published earlier today by the Shibburn tracking website, the rate at which the SHIB military discards meme coins and locks them in unusable wallets has increased by a whopping 5,761% in the past 24 hours.
This time, various entities and enthusiastic individuals have removed 13,696,795 Shiba Inu Tokens since last morning.
The purpose of burning (i.e. moving coins to dead end wallets) is to reduce the circulating quantity of a coin to such an extent that its price will rise, as burning makes a cryptocurrency more scarce. Pushing the SHIB price to 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 saying that the second largest meme crypto by market capitalization value Wrapped Bitcoin (WBTC) on the Ethereum chain flipped for the position of the asset most traded by the largest ETH whales.
📰 JUST IN: $SHIB @Shibtoken turned around $WBTC for MOST TRADABLE token in the top 100 #ETH whales
Check out the top 100 whales here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see data for the top 5000!)#SHIB #WBTC #whale statistics #babywhale #BBW pic.twitter.com/3Je2fmpwto
— WhaleStats (crypto whale tracking) (@WhaleStats) January 14, 2023
At the moment, SHIB is also in the top 10 assets owned by ETH whales, ranking eighth. It is also the 10th largest asset here by trading volume.
For the first time in the past few months, Ethereum whales have increased the amount of SHIB in their portfolio. Now they have a total of $81,260,262 worth of this meme cryptocurrency on their hands. A week ago, this number was four times smaller, according to WhaleStats.