The world of cryptocurrency’s most popular memecoin, Shiba Inu (SHIB), recently recorded a tremendous increase in its token burn rate, drawing attention. This increase in SHIB’s burn rate occurred amidst a price drop of the memecoin, leading to various speculations. In addition to the significant rise in the token burn rate, a whale transaction also caught the attention of the crypto world. 4 trillion SHIB were transferred between two anonymous wallet addresses.
SHIB Burn Rate Increases Alongside Whale Activity
According to data released by a platform that tracks SHIB burn data, Shibburn, the community burned 53.13 million SHIB in the last 24 hours. The data reveals an astonishing increase of 5,043 percent in the token burn rate. Concurrently, today’s surge in the token burn rate also resulted in a 98.66 percent increase in the weekly burn rate.
The Shiba Inu community is abuzz with the increase in the token burn rate accompanied by a significant whale transaction. On-chain data shows that 4.25 trillion SHIB were transferred between two anonymous wallet addresses on December 24th. The data indicates that the SHIBs were moved from an anonymous wallet address starting with 0x3ce to another anonymous wallet address starting with 0x9c5.
The transfer of 4.25 trillion SHIB coincided with a four-digit increase in the token burn rate during a period when the memecoin’s price was falling.
Shiba Inu Price Declines
The price of SHIB fell by 0.97 percent in the last 24 hours and was trading at $0.00001077 at the time this article was prepared. Additionally, the memecoin’s 24-hour trading volume also experienced a significant decrease of 22.92 percent, currently standing at $199.35 million.
The price chart shows a downward movement amidst an increase in the token burn rate, while the sentiment surrounding the token among investors seems to be declining. This is particularly indicated by the price’s inability to maintain upward momentum despite the increase in token burning.
