5000% Spike In Burn Rate As Whales Reshape 4 Trillion SHIB

Shiba Inu, a prominent meme coin in the cryptocurrency space, has attracted significant attention due to a substantial increase in its burn rate in the last 24 hours. However, This surge in the SHIB burn rate has sparked widespread speculation throughout the broader crypto market, especially as it coincided with a decline in the token’s price on Monday.

At the same time, within the narrative above, a significant transfer of whales has attracted considerable interest among enthusiasts in the crypto market. Noteworthy is the reshuffling of nearly 4 trillion SHIB between undisclosed wallets during this whale transfer, fueling additional speculations about the token.

As per Shibburn’s revealed data, a platform consolidating SHIB burn statistics, the community appears to have burned an impressive 53.13 million SHIB in the last 24 hours. Additionally, based on the data, the burn rate experienced a substantial 5043.37% increase, fostering optimism for the token.

In the meantime, a noteworthy whale transaction involving Shiba Inu took place while the token documented an increase in its burn rate. Whale Alert, a platform providing on-chain metrics, disclosed information revealing the transfer of 4.25 trillion SHIB on Dec 24.

Mysterious SHIB Transfer & Burn Rate Impact

According to the data, an unidentified wallet with 0x3ce6bed2…87d896c59f moved the amount above to another anonymous wallet, 0x9c570088…a22fd8b51b.

Interestingly, the increase in SHIB burn rate, coupled with a whale’s transfer of 4.25 trillion coins, aligns with a current decline in the token’s price. This has sparked a flurry of speculations within the cryptocurrency community.

At the time of this composition, the Shiba Inu price has experienced a slight decline of 0.97%, currently standing at $0.00001077. Furthermore, the token’s 24-hour trading volume has seen a significant decrease of 22.92%, presently assessed at $199.35 million.

However, The meme coin’s market cap decreased by 0.65%, aligning with the drop in its price.

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.