Shiba Inu Burn Rate Soars 5000% as Whale Reshuffles 4 Trillion SHIB: What’s Happening?
Shiba Inu, a popular meme coin in the cryptocurrency world, recently experienced a significant increase in its burn rate. This surge has attracted a lot of attention and speculation within the broader crypto market, especially as the token’s price dropped.
At the same time, there was a notable whale transfer of nearly 4 trillion SHIB between unknown wallets, adding to the speculation surrounding the token.
SHIB Burn Skyrockets Amid Whale Activity: Report
According to data from Shibburn, a platform that tracks SHIB burn metrics, the community burned a staggering 53.13 million SHIB in the past 24 hours. This represents a massive 5043.37% increase in burn rate, which has generated optimism for the token.
In addition to the surge in burn rate, the token’s weekly burn rate also saw a significant increase of 98.66%.
Meanwhile, during this period of increased burn rate, there was a substantial whale transaction involving Shiba Inu. Whale Alert reported that 4.25 trillion SHIB was transferred between two unknown wallets on December 24.
Shiba Inu Price Drops
As of now, the price of Shiba Inu has dropped by 0.97% and is currently trading at $0.00001077. The token’s 24-hour trading volume has also fallen by 22.92% to $199.35 million.
Furthermore, the market cap of the meme coin has decreased by 0.65%, aligning with its price drop.
With the market experiencing a downturn and an increase in burn rate, market sentiment surrounding Shiba Inu seems to be declining. This decline in tokenomics contradicts the recent whale activity.
Hot Take: Speculation Abounds as SHIB Burn Rate Surges Amidst Whale Transfer
The sudden surge in SHIB burn rate and the significant whale transfer have sparked intense speculation within the crypto community. While the token’s price has dropped, the increase in burn rate has generated optimism for Shiba Inu. The whale transfer of 4 trillion SHIB adds another layer of mystery and speculation to the situation. It remains to be seen how these developments will impact the future of Shiba Inu and its position in the crypto market.
By
By
By
By
By