The SHIB army is greatly increasing the burn rate as the meme coin has reached several milestones so far
- SHIB burn rate jumps to 5761%
- SHIB outperforms WBTC, whales buy more Shiba Inu
On-chain data tracker WhaleStats 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 100 Ethereum hotspots.
This coincided with the SHIB army significantly increasing the burn rate of their beloved dog tag.
SHIB burn rate jumps to 5761%
According to data released earlier today by tracking site Shibburn, the rate at which SHIB’s army is disposing of meme coins by locking them away in unused wallets has increased by a whopping 5,761% in the past 24 hours.
This time since last morning, various entities and willing individuals have removed 13,696,795 Shiba Inu tokens.
The goal of burning (i.e. moving coins to deadlocked wallets) is to reduce the amount of a coin in circulation to the point where its price will increase, as burning makes the cryptocurrency scarcer. Pushing the SHIB price to one dollar or at least one cent is the dream of the Shiba Inu community.
SHIB outperforms WBTC, whales buy more Shiba Inu
Wallet tracker WhaleStats tweeted that the second largest meme crypto by market capitalization has overtaken Wrapped Bitcoin (WBTC) on the Ethereum chain to become the asset position most traded by the largest ETH spots.
📰 NUMBER ACCESS. $SHIB: @Shibtoken: upside down $WBTC: Top 100 for MOST TRADED token #ETH: dots
Check out the top 100 spots here: https://t.co/N5qqsCAH8j
(and hodl $BBW: to see data for the top 5000).#SHIB: #WBTC #whalestats #babywhale #BBW: pic.twitter.com/3Je2fmpwto
— WhaleStats (cryptic whale tracker) (@WhaleStats) January 14, 2023
Currently, SHIB is also in the top 10 list of assets owned by ETH points, occupying the eighth position. It is also the 10th largest asset traded here.
For the first time in several months, Ethereum points have increased the amount of SHIB in their portfolio. They now have a total of $81,260,262 worth of this meme cryptocurrency. According to WhaleStats, this amount was four times smaller a week ago.