Shiba Inu Burn Rate Surges 400% Amid SHIB Whale Activity
Shiba Inu, a popular meme coin on the Ethereum blockchain, experienced a surge in burn activity, causing excitement in the crypto market. On-chain data from Shibburn revealed a staggering 459% increase in the SHIB burn rate, attracting global attention.
This spike in burn activity coincided with a massive transfer of SHIB to a dead wallet, which seems to be an effort by the Shiba community to support the tokenomics of SHIB.
Examining SHIB Burn & Whale Activity
According to Shibburn, 146.26 million SHIB was burned in the past 24 hours, representing a significant advancement for the Shiba community. Additionally, the ShibDreamNFT collection facilitated a transfer of 100 million SHIB to a dead wallet, further supporting the tokenomics of SHIB.
The total number of coins burned from SHIB’s initial supply now stands at 410.708 trillion. However, despite these developments, the price of the meme coin continues to decline.
Furthermore, there was a notable transaction involving a SHIB whale, where 4.27 trillion SHIB was moved between unknown wallets. This transaction added more speculation and interest to the token.
Shiba Inu Price Declines
The price of Shiba Inu has fallen by 2.71% in the past 24 hours and is currently trading at $0.000009013. Over the past week, it has experienced a decline of 6.08%, and on a monthly basis, it has dropped by 15.96%. These downward trends have created bearish sentiments in the crypto market.
Despite this, the Shiba community remains hopeful that the increased burn rate will lead to higher prices. Additionally, the significant whale activity suggests potential shifts in price action in the near future.
Hot Take: SHIB Burn Surge and Whale Activity Bring Hope for Shiba Inu
The recent surge in burn activity and whale movement has sparked optimism among Shiba Inu holders. The substantial increase in the burn rate and the transfer to a dead wallet demonstrate the dedication of the Shiba community to improve the tokenomics of SHIB. Although the price of Shiba Inu has been on a decline, these developments suggest potential positive changes ahead. Traders are closely watching the on-chain activity and hoping for a price action shift in favor of SHIB. As the burn rate continues to rise and whale activity remains active, there is anticipation for a brighter future for Shiba Inu.
By
By
By
By