The burn rate of Shiba Inu has surged by over 880%, resulting in the destruction of over 630 million SHIB tokens in February.
Shibburn, a SHIB transaction tracker, has reported that in the past 24 hours, the SHIB community burned over 37,104,438 SHIB meme coins. This increased the burn rate to over 880%. Thus, over 21,540,898 SHIB was sent to inactive Bitcoin wallets in the biggest burn transaction hours ago.
On top of that, there were three significant transfers that involved 2,154,873 SHIB, 1,000,000 SHIB, and 1,802,613 SHIB, with the second-largest holder disposing of 9,740,615 SHIB tokens 16 hours ago.
In addition, less than 4 million SHIB tokens were transferred to blockchain addresses that could not be spent on Friday. In February, the SHIB community got rid of 643,656,418 SHIB meme coins.
Shiba Inu has surged almost 70% in the past 24 hours, reaching a peak of over $0.00002350, a level last observed in April 2022.
Three significant SHIB acquisitions led to the price surge, including an investor buying 75.91 billion SHIB on Binance for $1.51 million and then withdrawing them, resulting in a profit of $614,000 (69%).
