Shiba Inu, the self-proclaimed Dogecoin-killer, has gained significant attention in the crypto community due to its recent surge in token burning. Whale Alert, a leading crypto-tracking platform, recently revealed data showing that over 10 trillion Shiba Inu tokens were transferred in a series of massive whale transactions on November 7, 2023. This burning and reallocation of tokens has led to a marginal price surge for Shiba Inu over the past week.
Shiba Community Burns Tokens
According to Shibburn, a total of 173 million SHIB tokens were burned in the past 24 hours alone. This represents a phenomenal increase of 12,840.60% in the burn rate. This burning of tokens reflects positive sentiment within the Shiba Inu community as they strive to reduce the overall token supply and strengthen tokenomics. As a result, the price of Shiba Inu has seen a marginal increase of 3.91% in the past 24 hours, reaching $0.000008367. Over the past seven days, there has been a 5.12% price surge.
Whales Transfer Trillions of SHIB Tokens
A significant transfer of 2.4 trillion SHIB tokens occurred on November 7 from address 0x9acbb72c…9c6a9c3311 (Paribhu) to an unknown wallet with address 0xa23cbcdf…65885be3f5. In total, more than 10 trillion SHIB tokens have been transferred in various whale transactions recently, as part of the efforts by the Shiba Inu community to bolster tokenomics. Another notable transfer involved Bitvavo, a cryptocurrency exchange, moving 4.4 trillion SHIB tokens to an unknown wallet with address 0x5c21d705…d05d59f201. Additionally, 4.4 trillion SHIB tokens were transferred from one unknown wallet (0x3ba943c7…225e6dabee) to another (0x0259ca48…52d2b3064f) on Bitvavo. These massive whale movements, totaling over 10 trillion tokens in the past 24 hours, reflect positive sentiment in the broader crypto market.
Hot Take: Shiba Inu Community’s Efforts Paying Off
The Shiba Inu community’s efforts to burn tokens and strengthen tokenomics have resulted in a surge in the price of SHIB. With millions of tokens burned and trillions transferred in whale transactions, it is clear that the community is actively working to support their token. This positive sentiment has had a ripple effect on the broader crypto market as well. It will be interesting to see how these efforts continue to shape the future of Shiba Inu and its position in the crypto realm.
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