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Built on the Ethereum Blockchain, the second-largest memecoin Shiba Inu (SHIB) has become one of the standout altcoins of the day after a tremendous increase in its token burn rate. According to data provided by Shibburn, Shiba Inu’s token burn rate has increased by over 27,000% in the last 24 hours. This significant surge has caught the attention of investors.
SHIB Burns Increase Alongside Whale Activity
Data compiled by Shibburn shows that in the last 24 hours, the token burn rate for Shiba Inu has increased by an extraordinary 27,510%, with millions of SHIB being removed from circulation. Additionally, the total amount of SHIB burned from the initial supply has reached 410.70 trillion. With the latest increase, the weekly token burn rate also rose to 2,278%.
One of the main triggers for the increase in SHIB’s burn rate was the transfer of 9.35 billion SHIB to a dead wallet address, effectively removing them from circulation. This transfer excited the community and appears to be largely responsible for the tremendous rise in SHIB’s burn rate.
On the other hand, data compiled by on-chain data provider Lookonchain reveals significant activity among whales. Accordingly, a new cryptocurrency whale purchased 1.44 trillion SHIB from the exchanges Binance and Gate.io. This crypto whale withdrew 1.44 trillion SHIB to a wallet address starting with 0xF63… in five transactions.
Current Status of Shiba Inu Price
At the time of writing this article, Shiba Inu’s SHIB price is seen trading at $0.000009516, a 1.38% jump in the last 24 hours. With this leap, the altcoin’s market value increased by 1.27%, and the growth in both price and market value was accompanied by a 65.25% increase in trading volume.
In connection with this, the market sentiments playing an effective role in Shiba Inu’s price trajectory have started to take an exciting turn. The increase in token burn rate and the additional increase in on-chain activity indicate that investors are inclined to support the altcoin’s price trend.
