According to the information posted on the Shibburn website, the Shiba Inu army has begun the new week with a massive increase in the SHIB burn rate following the disappointing results of the previous one. Shiba Inu whales on Ethereum have since increased their holdings of this meme coin by more than $1 million.
Shiba Inu burn rate skyrockets
The SHIB community has taken 23,823,149 SHIB out of circulation over the past 24 hours, increasing the rate of token burn by 1,064%. This burn tracking platform recently tweeted that this amount of meme coins were burned in just one transaction.
Especially in comparison to the SHIB portion burned between Saturday and Sunday, this appears to be a record high. Only 2,045,478 SHIB were obliterated at that time. Shib burn projects have not been performing well lately generally.
As previously reported a record-low number of these canine tokens—99,774,731 SHIB—were sent to dead-end wallets over the course of the past week.
The most likely explanation is the prolonged bear market as a whole, which is being driven by the recent fall of the FTX exchange, which declared bankruptcy on Friday and was later hacked. Since Sunday, November 6, FTX token prices have dropped an astounding 92.10%, from $25.7 per token to $1.48 at press time.
It was revealed on Friday that SHIB had gained a record number of Twitter followers. By Friday, the number had increased to 3.6 million. This number was slightly lower in July, at 3.4 million subscribers. Additionally, a rise in the number of Shib holders has been noted. According to WhaleStats, 1,243,804 wallets now contain SHIB, an increase from the previous number.
Shiba Inu is currently trading at $0.000009266 with a 1% gain in value over the last 24 hours. There has also been a notable spike in the trading volume by 36% during the same period. However, the fall of the FTX exchange has wiped out a major of the gains by the meme coins and others recently.
The FTX empire collapse was unforeseen and has had a cascading effect on the whole crypto market.