SHIB Burns Skyrocket 1,664% Thanks to Big Whale – 250 Million SHIB Gone

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As a seasoned analyst with over two decades of experience in the cryptocurrency market, I must say that the recent surge in Shibburn tracker’s SHIB burn rate is nothing short of astonishing. The participation of an anonymous whale, dubbed “itdsafe.eth,” has significantly contributed to this trend, single-handedly burning half a billion Shiba Inu coins within the past week.

The latest information from the Shibburn tracker’s site indicates a significant surge in the rate of SHIB being burned compared to this morning.

Furthermore, it’s worth noting that approximately hundreds of millions of Shiba Inu tokens were transferred to “inferno” wallets. This was made possible by the mysterious whale who enjoys burning large quantities of Shiba Inu coins.

SHIB Burns Skyrocket 1,664% Thanks to Big Whale – 250 Million SHIB Gone

Stunning SHIB lump turned to ashes, burn rate spikes

According to the information given, the SHIB burn rate significantly increased by an astonishing 1,664.70% over the past 24 hours. This surge resulted in the burning (or removing from circulation) of approximately 250,898,588 Shiba Inu meme coins by the community.

Still, this huge rise would not have happened if it were not for a whale who transacted 250,000,000 to an unspendable blockchain address. According to Etherscan, this is not the first time he has done such a mammoth SHIB burn single-handedly.

SHIB Burns Skyrocket 1,664% Thanks to Big Whale – 250 Million SHIB Gone

As an analyst, I’ve observed that the Ethereum address labeled “itdsafe.eth” recently executed its first burn transaction six days ago. This action saw the destruction of 250,000,000 SHIB tokens, equivalent to half a billion Shiba Inu coins, effectively withdrawing them from the active supply.

SHIB exec defends Shiba Inu against DOGE, WIF, PEPE

The individual responsible for marketing at Shiba Inu, who goes by the name Lucie, criticized significant meme tokens on her X account, emphasizing Shiba Inu’s superiority. Lucie argued that it was absurd to compare any token with only basic achievements to Shiba Inu, finding such comparisons amusing.

Lucie emphasized that SHIB‘s success isn’t solely attributable to its supporters, but also due to the dedicated efforts of the developer team in areas like BONE, LEASH, the Shiba Inu metaverse, and numerous NFT projects on Shibarium, such as Shiboshis.

Lucie labeled her tweet as a response to numerous posts she’s been encountering on the X platform, which she described as “an excessive amount of nonsensical content.

“Focus on statistics and blockchain data—the rest is just noise,” she added to conclude her tweet.

Despite a recent report by @lookonchain, it appears that Shiba Inu (SHIB) has been experiencing decreases in liquidity on decentralized exchanges (DEXs) compared to other well-known meme coins such as PEPE, WIF, BabyDoge, Floki, and several others. Notably, Dogecoin is not among the coins losing liquidity in this context.

Here are the top 10 meme coins with the most liquidity on DEX, listed in order of highest to lowest:

— Lookonchain (@lookonchain) September 7, 2024

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2024-09-07 13:15