The SHIB army is greatly increasing its burn rate as the meme coin has reached several milestones now
- SHIB burn rate jumps by 5.761%
- SHIB Surpasses WBTC, Whales Buy More Shiba Inu
WhaleStats on-chain data tracker has shared that in the last 24 hours, the Shiba Inu meme coin has surpassed Wrapped Bitcoin (WBTC) to become the most traded digital asset for the top 1[ads1]00 Ethereum whales.
This coincided with the SHIB army significantly increasing the burn rate of their favorite dog token.
SHIB burn rate jumps by 5.761%
According to data published by the Shibburn tracking website earlier today, over the past 24 hours, the rate at which the SHIB army is dumping meme coins, locking them away in useless wallets, has increased by a whopping 5761%.
This time, since yesterday morning, various entities and eager individuals have removed 13,696,795 Shiba Inu tokens.
The goal of burning (i.e. moving coins to blind wallets) is to reduce the amount of a coin in circulation to a degree that will ensure its price rises, since burning makes a cryptocurrency more scarce. Pushing the SHIB price towards one dollar or at least one cent is the dream of the Shiba Inu community.
SHIB Surpasses WBTC, Whales Buy More Shiba Inu
WhaleStat’s wallet tracker published a tweet saying that the second largest meme crypto by market capitalization overturned Wrapped Bitcoin (WBTC) on the Ethereum chain for the position of the most traded asset by the largest ETH whales.
Check out the top 100 whales here: https://t.co/N5qqsCAH8j
— WhaleStats (crypto whale tracking) (@WhaleStats) 14 January 2023
Currently, SHIB also sits on the top 10 list of assets owned by ETH whales, holding the eighth position. It is also the 10th largest asset by trading volume here.
For the first time in recent 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. A week ago, this amount was four times less, according to WhaleStats.