In a noteworthy event, a staggering number of SHIB meme tokens were transferred to dead wallets, amounting to several hundred million tokens. This massive cumulative burn occurred while the price of SHIB remained low, barely recovering after an 8% drop on Tuesday.
SHIB Burn Rate Surges by 2,834%
According to data sources, SHIB’s burn rate has seen a remarkable surge of 2,834% over the past 24 hours. Although the burn rate had not changed significantly since Tuesday, the number of tokens removed from circulation increased dramatically—from just over seven million to 232,222,042 SHIB.
There have been eight burn transactions so far, with the largest single transaction moving 225,637,580 SHIB to an unspendable wallet, accounting for nearly the entire burned amount. The other three significant transfers moved almost two million SHIB each to dead wallets.
SHIB Price Behavior
Over the last 24 hours, SHIB’s price has dropped by 8.8%, falling from $0.00002350 to $0.00002207. The token then made two attempts to bounce back from this support level, reaching up to $0.00002206. After being pushed down following the first attempt, SHIB tried to rise again and is currently fluctuating at this level.
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This price drop coincided with increased whale activity, as 4.3 trillion SHIB were transferred to the Coinbase exchange for sale. A significant portion of these tokens, originally purchased in 2021, were later bought on Robinhood and moved to a cold wallet.
Conclusion
The substantial transfer of SHIB tokens to dead wallets and the associated burn rate surge is a critical development amid a period of price instability. The market is closely monitoring these large-scale movements, as they can significantly impact SHIB’s supply and price dynamics. Investors should stay vigilant, watching for further whale activity and market reactions.
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