Shiba Inu (SHIB) Consumption Rate Rises 543% Defying SHIB Price Drop

Shiba Inu (SHIB) Consumption Rate Rises 543% Defying SHIB Price Drop

Shiba Inu has seen an increase in its consumption rate, a contradiction to its price, which is currently in the red. According to Shibburn, a platform that tracks the number of SHIB tokens burned, the burn rate increased by 543% in the last 24 hours, even though the SHIB price fell 4.5% in the same period.

Shiba Inu has seen an increase in its consumption rate, a contradiction to its price, which is currently in the red. According to Shibburn, a platform that tracks the number of SHIB tokens burned, the burn rate increased by 543% in the last 24 hours, even though the SHIB price fell 4.5% in the same period.

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In a previous update, shibburn reported on X that 26,138,334 SHIB tokens were burned in the last 24 hours in six transactions.

However, as of press time, this amount of SHIB burned in a 24-hour period had increased to 46,601,160 SHIB compared to the figure of 14 million SHIB burned the previous day.

Major cryptocurrencies started the week lower as investors remained anxious about Bitcoin’s falling price, seemingly decreasing their exposure to the broader market in anticipation of lower prices.

Shiba Inu, the second-largest dog-themed cryptocurrency by market value, fell 4.17% in the last 24 hours to $0.00000911, matching the broader market trend.

Shiba Inu has steadily declined since hitting highs of $0.0000125 on December 16, bringing it into a critical demand zone between $0.000009 and $0.00001, which could dictate its near-term price movement. .

Shiba Inu sees 175% increase on the chain

Shiba Inu (SHIB) has seen a surge in on-chain activity over the past 24 hours, as some of the token’s largest holders, or whales, have transferred considerable sums of SHIB to multiple destinations.

Related
Shiba Inu (SHIB) Soars 1,173% as Whales Make Intriguing Move

According to data from the blockchain analysis company In the blockThe volume of large transactions involving SHIB worth $100,000 or more has increased by 175.23% in the last 24 hours.

The volume of these large transactions increased from 344.65 billion SHIB on January 20 to 940.41 billion on January 21.

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