In a whirlwind of activity within the Shiba Inu (SHIB) community, a staggering 177 million SHIB meme coins have been sent to the virtual furnace, according to data provided by blockchain tracking platform Shibburn. This massive disposal comes in the wake of SHIB’s recent rollercoaster ride in the market, where it plunged by 40% before staging a remarkable recovery.
The surge in whale activity has been notable, with trillions of SHIB being moved by large holders amidst the fluctuating prices. Shibburn has reported a significant amount of meme coins being transferred to unspendable blockchain wallets over the past 24 hours.
The largest of these burns saw a whopping 100,500,000 SHIB sent to a dead-end wallet, accounting for more than half of the total amount disposed of. Following closely behind were two more substantial transactions, one involving 39,535,388 Shiba inu and the other 10,000,000 SHIB, all directed towards unspendable wallets. These burns have contributed to a total daily burn rate of 55.74% for SHIB.
Shiba Inu Community’s Burn
This recent activity marks a continuation of a trend seen on March 5, where 129,984,286 SHIB were similarly transferred to dead blockchain wallets. Over the course of the past week, the SHIB community has effectively removed 464,815,936 meme coins from circulation, driving the weekly burn rate up by nearly 60%.
Meanwhile, Whale Alert, a popular tracking platform for large cryptocurrency transfers, has reported three significant transactions involving Shib inu in the past 24 hours. Notably, algorithmic trading firm Wintermute executed two transfers to the Binance exchange totaling 167,809,919,988 SHIB and 183,073,161,874 SHIB, respectively.
The third and most substantial transaction, involving a staggering 1,450,254,597,018 SHIB, occurred between two anonymous digital wallets. In total, these three transactions accounted for a transfer of 1,801,137,678,880 Shiba Inu, as per blockchain data sources.
All of this activity unfolded against the backdrop of SHIB’s dramatic price movement, wherein it initially dropped by 40% before rebounding by as much as 48%. The resilience and dynamism of the SHIB community, coupled with the significant burn rate and whale activity, continue to underscore the volatility and intrigue surrounding meme-inspired cryptocurrencies.