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Sujit Kumar
Feb 8, 2025
by Sujit Kumar

SHIB Burn Rate Soars Over 1,155% as Massive Outflows Hit Kraken

SHIB Burn Rate Soars Over 1155%

Table of contents

  1. Weekly Burn Rate and Market Dynamics
  2. Massive SHIB Outflows from Kraken
Shiba Inu (SHIB) is making headlines as the SHIB community has dramatically accelerated its token burn rate over the past 24 hours. According to the Shibburn blockchain tracker, more than 15 million SHIB were removed from circulation, with the largest single burn amounting to 14,089,269 SHIB. This surge in burning activity resulted in a staggering 1,155.95% increase in the burn rate since yesterday morning.

Weekly Burn Rate and Market Dynamics

Despite this impressive 24-hour burn, the weekly burn rate is reported to be in the red, with a cumulative burn of 75,298,908 SHIB, reflecting ongoing volatility and inconsistent market activity. Meanwhile, SHIB’s price remains largely sideways, trading in the $0.00001530 range. This stability in price, despite aggressive burning, has sparked discussions among investors about future potential price gains as supply diminishes.

Massive SHIB Outflows from Kraken

In addition to the on-chain burn activity, data from Whale Alert indicates significant withdrawals from one of the United States’ oldest cryptocurrency exchanges, Kraken. A reported 1,239,940,928,235 SHIB, valued at approximately $20,136,020, was transferred from a Kraken wallet to an unidentified address. Meanwhile, Arkham Intelligence noted that total SHIB outflows from Kraken reached 733 billion on the same day, highlighting robust market activity amid ongoing consolidation.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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SHIB Burn Rate
SHIB Burn Rate Soars Over 1,155% as Massive Outflows Hit Kraken
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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