Operating on the Ethereum Blockchain, the second-largest memecoin Shiba Inu (SHIB) has re-entered the spotlight of the crypto world after a significant increase in its token burn rate. Data compiled by the platform Shibburn tracking Shiba Inu’s token burns reveals a 459% increase in the burn rate over the last 24 hours. According to Etherscan data, this increase in the token burn rate was achieved by transferring a substantial amount of SHIB to an inaccessible wallet address.
SHIB in the Spotlight with Major Token Burns and Strong Whale Activity
According to data presented by Shibburn, the token burn rate for Shiba Inu increased by 459% in the last 24 hours, with a staggering 146.26 million SHIB tokens burned and removed from circulation. This tremendous token burn rate was achieved through the initiatives of the Shiba Inu community. The community continues to support token burning, with one member transferring 100 million SHIB to a dead wallet address in the last 24 hours, contributing to this increase.
Interestingly, amidst this ongoing downtrend, whale movements have also been observed. Chain-internal data compiled by the Whale Alert platform indicates that 4.27 trillion SHIB tokens were transferred between anonymous wallets.
Despite Token Burns, Shiba Inu Price Continues to Decline
The price of Shiba Inu’s SHIB has fallen by 2.71% in the last 24 hours and is currently trading at $0.000009013. The weekly price chart indicates a 6.08% decrease for SHIB, while the monthly chart points to a 15.96% decline.
Current data shows that the total number of SHIB tokens burned since the initial supply has reached 410.708 trillion. Despite this massive amount of tokens being burned and removed from circulation, the memecoin’s price still faces a significant drop.
With the strong support of the community for ongoing token burns, the memecoin’s price is expected to rise over time. Moreover, the detected whale transactions suggest that large investors are showing interest in the memecoin.