SHIB Burn Rate Spikes 1,664% as Whale Burns Another 250,000,000 Shiba Inu Coins

Update on the Shibburn tracker's website shows an immense increase in the SHIB burn rate since last morning.

Several hundred million Shiba Inu coins have been sent to “inferno” wallets over the last 24 hours.

This became possible thanks to the participation of an unknown whale who likes to burn large sums of Shiba Inu.

Stunning SHIB lump turned to ashes, burn rate spikes

According to the data provided by the Shibburn tracker, over the last 24 hours, the SHIB burn rate has increased by a massive 1,664.70%.

In total, the SHIB community managed to burn 250,898,588 Shiba Inu meme coins.

However, this large rise would not have happened if it were not for a whale who transacted 250,000,000 to an unspendable blockchain address. According to Etherscan, this is not the first time he has single-handedly carried out such a mammoth SHIB burn.

Etherscan identifies this whale as “itdsafe.eth.” Notably, six days ago, he also made his first burn, setting virtual fire to 250,000,000 SHIB. Thus, this wallet now removed half a billion Shiba Inu coins from the circulating supply.

SHIB exec defends Shiba Inu against DOGE, WIF, PEPE

Shiba Inu marketing lead Lucie took to her X account to slam major meme coins, dwarfing them against Shiba Inu.

According to Lucie, comparing “any token to SHIB with only the bare minimum achieved” is laughable.

She went on to highlight that SHIB has become successful not only because there are “SHIB people behind it” but also because the developer team has made a solid focus on BONE, LEASH, Shiba Inu metaverse and various NFT projects on Shibarium, such as Shiboshis.

Lucie stated that her tweet is a reaction to posts that she has been reading in large numbers on the X platform, which she described as “too much nonsense.”

“Focus on statistics and blockchain data—the rest is just noise,” she added to conclude her tweet.

However, according to a recent post by @lookonchain, SHIB is losing in liquidity figures on decentralized exchanges (DEXs) to other popular meme coins — PEPE, WIF, BabyDoge, Floki and half a dozen others. Notably, Dogecoin and Shiba Inu are not on that list.

Here are the top 10 #MEMEcoins with the highest liquidity on DEX:$SLERF: $46M$BOME: $37M$PEPE: $36M$MEW: $30M$FLOKI: $29M$WIF: $21M$BabyDoge: $17M$WHY: $16M$POPCAT: $15M$CAT: $14M pic.twitter.com/XV2RDktGVG

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