It was initially believed that the burn activity for the memecoin was on pace to reach a new low in November 2022.
However, according to Shibburn, just 253 million SHIB have been destroyed since mid-November, despite only 882 million SHIB being burned in October.
It was initially calculated that it would take 50,152 years for Shiba Inu to reach its $0.001 value at October's SHIB burn rate. This means that Shiba Inu investors will have to wait 170,000 years for the memecoin to hit $0.001 if November's burn rates stay the same.
And it didn't. For the first few days of the month, at least. However, in recent news, the Shiba Inu Burn rate has soared by 388% over the last 24 hours.
At the same time, the average cryptocurrency investor would expect explosive price movement to follow such great news. However, quite the opposite has happened.
According to ShibBurn, a website focused on tracking the burn rate of Shiba Inu, the burn rate of the memecoin has soared by a whopping 383.44%.
This means that the amount of memecoins burned in the last 48 hours is less than one-third of today's burns.
However, despite the positive development of the Shib Burns, WhaleStats had something contrary to say.
According to a publication by the whale activity monitoring platform, over the weekend, the number of SHIB held in the top 100 addresses of Ethereum (and several other) whales decreased noticeably, falling by as much as 250 billion memecoins, including SHIB.
This is despite the top 100 Ethereum whales' wallets shedding over $2 billion worth of SHIB over the weekend, according to WhaleStats. The present exchange rate is a total of 231,481,481,481 meme coins.
Whales currently hold $72,241,236 in SHIB, the second-largest meme coin on the crypto market. This figure also makes up 3.42% of the whales' holdings, with DAI, stETH, and USDT leading Shiba Inu.
SHIB currently occupies the fourth-largest position in the whales' portfolios, with USDC remaining the most significant asset in these investors' holdings.
The SHIB burn address received 31,076,547 SHIB tokens over the last 24 hours, causing this spike in burn rates.
In a single transaction, 26,772,703 Shiba Inu burned in the previous eight hours. Shibburn also revealed that several activities are in place to periodically reduce the amount of SHIB in circulation. It has destroyed about 106,780,540 SHIB in the last seven days.
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