The dog-themed cryptocurrency Shiba Inu (SHIB) community is experiencing a surge in burn rate, which has skyrocketed by a staggering 3,894%. This significant increase has led to millions of SHIB tokens being permanently removed from circulation.
The dog-themed cryptocurrency Shiba Inu (SHIB) community is experiencing a surge in burn rate, which has skyrocketed by a staggering 3,894%. This significant increase has led to millions of SHIB tokens being permanently removed from circulation.
Token burning is a process where a certain amount of cryptocurrency is burned to reduce its overall supply. This is usually done by sending the tokens to a “burned” address, a wallet from which they can never be recovered. The main goal of burning tokens is to create scarcity, which can potentially increase the value of the remaining tokens.
In the last 24 hours, Shiba Inu has seen a significant increase in burn rate, with millions of tokens burned.
According Shibburn account, in the last 24 hours, a total of 4,829,147 SHIB tokens have been burned in seven transactions. This caused a 3,894% increase in the burning rate.
The increase in SHIB burns coincides with a sudden increase in whale interest in SHIB, with the number of large transactions involving SHIB doubling this week compared to averages seen in early 2024.
According feeling, the recent rise of the Shiba Inu appears to have been sparked by an increase in interest in whales. Santiment noted that the number of $100,000 transactions on the Shiba Inu network has more than doubled this week compared to usual 2024 averages, indicating accumulation.
Tomiwabold OlajideAs reported, Shiba Inu broke through the daily 50 SMA at $0.00002471, following a strong rebound from intraday lows of $0.00002284 on June 4. Shiba Inu extended the bounce from it to highs of $0.00002625 in today’s trading session before running into resistance.
At the time of writing, SHIB was down 1.5% in the last 24 hours to $0.00002562, although it was up 7% in the last seven days and 218% year-on-year.
According In the block According to data, the large transaction volume for SHIB has increased by 223%, with $435.66 million traded in large transactions of more than $100,000. This metric provides an estimate of the total amount traded by whales and institutional players on a given day. Spikes in large transaction volume point to high activity among institutional players, whether buying or selling.
