SHIB transaction tracker Shibburn has highlighted a significant surge in the SHIB burn rate starting from yesterday. Additionally, there has been a considerable amount of SHIB destroyed over the past month according to the same source.
In the last 24 hours, the SHIB community collectively burned 37,104,438 SHIB coins, leading to an 887.07% increase in the burn rate. The largest burn transaction involved a transfer of 21,540,898 SHIB to inactive wallets, followed by a 9,740,615 SHIB burn. Other notable burns included transfers of 2,154,873 SHIB, 1,000,000 SHIB, and 1,802,613 SHIB. Data from the Shibburn website revealed that less than 4 million SHIB were sent to unspendable addresses on Friday.
Moreover, in the month of February alone, the SHIB community got rid of a staggering 643,656,418 SHIB meme coins.
On the price front, Shiba Inu has experienced a substantial surge of over 70% in the last 24 hours, reaching a high of $0.00002250, a level not seen since April 2022. Spot On Chain analytics data indicated that three major SHIB purchases contributed to this price increase.
A notable purchase was made by a smart whale who bought 75.91 billion SHIB on Binance for $1.51 million, registering a profit of $614,000 (69%). Additionally, the founder of Maker DAO purchased 7.41 billion SHIB for 100,000 USDT, while a blockchain wallet associated with the UPbit exchange amassed 2.13 trillion SHIB within 24 hours. This wallet is now ranked as the seventh largest SHIB address, holding 12.45 trillion Shiba Inu valued at $247 million.
Overall, these recent developments reflect the growing activity and engagement within the SHIB community and highlight the potential for further price movements in the near future.
