Shiba Inu (SHIB) Ignites Market with 3,894% Burn Rate
NAIROBI (CoinChapter.com) – Shiba Inu (SHIB) has witnessed a remarkable increase in its burn rate. The burn rate surged by 3,894%, significantly reducing the token supply. Shibburn, the tracking platform, reported that 4,829,147 SHIB tokens were burned in the last 24 hours. This dramatic rise in burn rate coincides with increased whale buying activity.
Source: Shibburn Whale Activity Boosts Burn Rate
A significant portion of the burn came from a single wallet address, “0xc55…,” which transferred 4.03 million SHIB to a dead wallet. This move, along with other smaller burns, highlights the SHIB community’s efforts to cut the circulating supply. During the same period, two whales purchased over $35 million worth of SHIB. Nine whale wallets collectively spent $35.2 million to acquire 1.356 trillion SHIB at an average price of $0.00002596.
Source: Lookonchain
These actions have sparked hope for a potential SHIB rally among traders. The enthusiasm within the crypto community is palpable, with many believing that reduced supply could drive up the token’s value.
Can Shiba Inu Reach Its All-Time High?
Shiba Inu (SHIB) is currently trading at $0.00002562, marking a 0.81% decrease over the past day. The market cap stands at $15,097,744,693, reflecting a 0.55% rise, positioning it at #11 in the rankings. In the last 24 hours, SHIB’s trading volume reached $570,669,619, a substantial 36.37% increase, placing it at #17 for volume. The volume-to-market cap ratio is 3.77%.
SHIB/USD 1-day price chart. Source: CoinMarketCap
While $0.00003 is below the all-time high (ATH) of $0.00008845, reached in October 2021, sustained whale activity and ongoing burns could propel SHIB towards surpassing its ATH. Additionally, Shiba Inu’s team is working to prevent fraudulent activities in its ecosystem. It is urging users to be cautious following recent attacks on the Shibarium Layer-2 scaling solution.
The SHIB community remains optimistic. The increased burn rate and whale activity could signal a positive trend for Shiba Inu, potentially leading to a significant price surge.
Above all, Shiba Inu’s recent surge in burn rate and significant whale activity have injected new optimism into the SHIB community. The burning of 4,829,147 SHIB tokens in 24 hours, coupled with over $35 million in whale purchases, underscores the potential for a price rally. While the token is currently trading below its all-time high, continued burns and whale interest could drive its value up in the future.
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