The meme coin Shiba Inu (SHIB) is once again turning heads after 814 million SHIB tokens were burned. The amount of tokens burned has been steadily increasing since the launch of the Shibarium testnet a few weeks ago. The amount of SHIB burned has increased by a massive 10,000% since this launch.
This recent token burn occurred over seven consecutive transactions, with 814,901,863 SHIB tokens sent to dead wallets in an attempt to reduce the token supply. On March 27 alone, about 794,858,822 SHIB tokens were burned. 24 hours later more than 800 million tokens were burned.
SHIB burn rate (Source: Shibburn)
The Shibburn portal indicates that today, the burn rate has decreased by more than 98%. Just over 14 million SHIB tokens have been burned for today so far.
In addition to the burn rate increasing, the number of SHIB holders who have become trillionaires saw a 5% increase over the past month. The fact that the number of SHIB whales are increasing could be a good thing as it indicates that there is a growing interest in the meme coin.
On the other hand, it might be a cause for concern as there is now a way bigger concentration of wealth between only a few holders, which opens up the possibility for market manipulation and price swings.
SHIB/Tether US 1D (Source: TradingView)
SHIB is currently trading hands at $0.0000108 after a 4.45% price increase over the last day. The meme coin is, however, still down by 0.62% over the last seven days. Its market cap of $6,366,474,259 makes SHIB the 14th biggest crypto in terms of market capitalization.
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Source: Cryptocurrency - investing.com
