Shiba Inu Supply Plummets as Mysterious Whale Burns Millions of Coins

Data from the Shibburn tracker reveals a significant development in the Shiba Inu (SHIB) ecosystem, with millions of meme coins permanently destroyed in the past 24 hours. The key metric of SHIB supply shrinking has skyrocketed by a three-digit percentage, mainly due to a mysterious Shiba Inu whale. This comes as SHIB, the second-largest meme cryptocurrency by market capitalization, attempts to break out of its recent price range.

Record-Breaking Burn Rate

Within the last 24 hours, the Shiba Inu community has managed to dispose of 98,045,035 SHIB meme coins, driving the daily burn rate up by a staggering 304.98%. This significant burn milestone was achieved through ten transactions, with the majority of SHIB (91,102,596) being destroyed in a single transfer by the enigmatic whale. Despite these burns, the overall SHIB supply remains virtually unchanged, with 589,275,241,204,667 SHIB meme coins still in circulation.

Weekly Burns and Supply Distribution

The weekly burn rate has also seen a notable increase, soaring by 82.66% in the past seven days. During this period, the community has transferred a massive 330,335,592 SHIB to unspendable wallets. Additionally, 410,724,758,795,332 SHIB are already locked in dead-end wallets, while 6,536,456,176,031 SHIB are locked in staking wallets on various exchanges and DeFi platforms.

Whale Alert: 700 Billion SHIB Purchased

In a separate development, popular blockchain sleuth Whale Alert has reported a massive transfer of almost 700 billion SHIB from the top exchange Crypto.com. The 692,400,000,000 SHIB were withdrawn by a mysterious whale to a private wallet, after spending $19,260,837 in fiat currency on the purchase. This transaction has sparked speculation within the community about the identity of the whale behind this significant transfer.

The Shiba Inu community continues to closely monitor these developments, as the ecosystem grapples with the implications of these large-scale transactions.