The SHIB’s burn rate jumps nearly 500% on this new support hit by the Shiba

In the meantime, Shiba Inu has surpassed in terms of market capitalization – Tron (TRX) and Solana (SOL) – reaching another major milestone.

SHIB’s burn rate jumps significantly but plummets overall.

In the past 24 hours, the joint efforts of the Shiba Inu Army have resulted in the destruction of 5,712,508 meme pieces. Now the burn rate is up 480%. Overall, over the past few weeks, the number of burnt SHIB tokens, i.e. those that have been moved to non-usable wallets, has dropped significantly. Especially in October, an average of 20 million Shiba Inus were burned every day.

This decline began in the fall, while in the summer the daily amount of meme currencies locked in dead-end wallets was 200-300 million, sometimes reaching half a billion. Within weeks, at least 1 or 2 billion SHIBs were regularly burned.

On Sunday, the burn rate of the second largest meme currency by market cap, after DOGE, rose an incredible 5,200%. However, the amount of SHIB burnt was 197,799,286 pieces.

Image via Shibburn

SHIB outperforms TRX and SOL

Shiba Inu topped in terms of market cap – TRX from Tron and SOL from Solana – by the size of its market cap. SHIB’s market cap now includes $5,407,323,862 as it took 13th place on CoinMarketCap’s cryptocurrency ladder.

At the time of writing, Shiba Inu is changing hands at $0.000009658 after falling 20.50% in the past week.

Image via CoinMarketCap

Whale Crisis with SHIB

Multi-blockchain-focused wallet tracker WhaleStats shows that whales seem to be somewhat disappointed with the SHIB token.

The aggregate amount of SHIB held by the 100 largest whales on Ethereum is less than $100 million – $82,854,494 in USD equivalent.

SHIB and FTX insolvent

This week and last week, however, anonymous whales transferred more than a trillion SHIBs. This week, someone withdrew around 1.2 trillion Shiba Inu from the FTX exchange just before it suspended withdrawals.

The exchange was declared insolvent due to the financial problems of the Alameda trading company linked to it. Binance, a big rival to FTX, first offered to bail it out. However, she then pulled out of the deal as she was unable to purchase FTX at the same time as FTX US.

Today, Justin Sun, who recently acquired a key stake in the Huobi exchange, is working with FTX on a solution to ensure the withdrawal of TRX, BTT and other TRON-affiliated tokens, as well as Huobi’s HT token, by their particular owners.

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