SHIB Burn Rate 5.761% Up As Shiba Inu Surpasses Wrapped Bitcoin (WBTC) By This Metric

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Youri Molchan

Army SHIB dramatically increases burn rate as coin meme already hits multiple milestones

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SHIB burn rate jumps 5,761% SHIB outperforms WBTC, whales buy more Shiba Inu

On-chain data tracker WhaleStats has shared that in the past 24 hours, the Shiba Inu meme coin has overtaken Wrapped Bitcoin (WBTC) and become the most-traded digital asset for the top 100 Ethereum whales.

This coincided with the SHIB Army dramatically increasing the burn rate of their favorite canine token.

SHIB burn rate jumps 5,761%

According to data released by tracking website Shibburn earlier today, in the past 24 hours, the rate at which the SHIB Army is disposing of meme coins, locking them in unusable wallets, has jumped by 5,761. %.

This time, since last morning, various entities and enthusiastic individuals have withdrawn 13,696,795 Shiba Inu tokens.

The goal of burning (i.e. moving coins to dead-end wallets) is to reduce the circulating quantity of a coin to a degree that will ensure its price rise, as burning makes a rarer cryptocurrency. Pushing the SHIB price towards a dollar or at least a cent is the dream of the Shiba Inu community.

Image via Shibburn SHIB outperforms WBTC, whales buy more Shiba Inu

WhaleStats wallet tracker posted a tweet which indicated that the second largest crypto meme by market capitalization value toppled Wrapped Bitcoin (WBTC) on the Ethereum chain for the position of the most traded asset by the largest ETH whales.

JUST IN: $SHIB @Shibtoken flipped $WBTC for most traded token among top 100 #ETH whales

Check out the top 100 whales here: https://t.co/N5qqsCAH8j

(and hodl $BBW to see top 5000 data!)#SHIB #WBTC #whalestats #babywhale #BBW pic.twitter.com/3Je2fmpwto

WhaleStats (crypto whale tracking) (@WhaleStats) January 14, 2023

Currently, SHIB is also on the list of top 10 assets held by ETH whales, occupying the eighth position. It is also the 10th largest asset in terms of trading volume here.

For the first time in the past few months, Ethereum whales have increased the amount of SHIB in their wallet. Now they hold a total of $81,260,262 of that same cryptocurrency. A week ago, that amount was four times smaller, according to WhaleStats.

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