SHIB Burns See 887% Surge After 634 Million SHIB Destruction in February

SHIB transaction tracker Shibburn spreads the word about an intensive rise in the SHIB burn rate observed since last morning. In the meantime, the same source has announced a monstrous amount of SHIB destroyed over the past month.

The aforementioned 24-hour burns have coincided with a monstrous price increase staged by Shiba Inu since last morning.

Burn rate jumps 887%; 643 million SHIB burned in February

Shibburn has reported that within the last 24 hours, the cumulative efforts of the SHIB community have made it possible to destroy 37,104,438 SHIB meme coins, pushing the burn rate 887.07% up.

The largest burn transaction here took place approximately nine hours ago, sending 21,540,898 SHIB to dead-end cryptocurrency wallets. The second largest one burned 9,740,615 SHIB, occurring 16 hours ago. The other three substantial transfers carried 2,154,873 SHIB, 1,000,000 SHIB and 1,802,613 SHIB, the latter took place less than an hour ago.

On Friday, less than 4 million SHIB were sent to unspendable blockchain addresses, according to data provided by the Shibburn website.

According to the same source, in the past month of February, the SHIB community disposed of a massive 643,656,418 SHIB meme coins overall.

🔥🔥🔥 643,656,418 $SHIB tokens have been burned in the month of February with 134 transactions. #SHIB pic.twitter.com/F6ihbnd76o

— Shibburn (@shibburn) March 1, 2024

Major accumulations pushing SHIB to two-year high

Over the last 24 hours, Shiba Inu has demonstrated a mammoth-sized increase of over 70% and has reached a high of $0.00002250, last seen in April 2022. According to the Spot On Chain analytics data aggregator, aside from other factors, there were three major SHIB purchases that contributed to the aforementioned price increase.

During the last few days that preceded the price rally, a smart whale purchased a whopping 75.91 billion SHIB on Binance for $1.51 million and withdrew them. Currently, his profit constitutes $614,000 (69%).

The second major purchase was made by the founder of Maker DAO, @RuneKek. He acquired a staggering 7.41 billion SHIB for 100,000 USDT. The third buy here was made by a blockchain wallet related to the UPbit exchange — it accumulated 2.13 trillion SHIB over the past 24 hours. At the time of writing this, this wallet is ranked as the seventh largest SHIB address, and it holds 12.45 trillion Shiba Inu worth $247 million.

The $SHIB price soared over 50% (24H). What happened on-chain in the past 3 days leading to the pump?

1. Smart trader 0x37d withdrew 75.91B $SHIB (currently $1.51M) from #Binance 2 days ago before the pump, now making $614K (+69%).
🔔 https://t.co/qknAUOYg82

2. #MakerDAO… pic.twitter.com/qwXzW28r1N

— Spot On Chain (@spotonchain) March 2, 2024

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