Shiba Inu Sees Massive 4,100% Surge in Burn Rate Amid Market Downturn
In a surprising turn of events, Shiba Inu’s burn rate has skyrocketed by an astonishing 4,100% in the last 24 hours, with a total of 21,709,094 SHIB tokens permanently removed from circulation. According to the Shibburn account, this significant increase in token burns is a positive sign for the Shiba Inu community, contributing to the reduction of its total supply.
Token Burn Statistics
* Total SHIB burned in the last 24 hours: 21,709,094 * Daily burn rate surge: 4,100.35% * Past 7-day burn rate: 104,230,574 (86.58% increase)
Despite this remarkable burn rate, the price of Shiba Inu has experienced a sharp decline, plunging by nearly 11% in the same 24-hour period. This drop in value comes amid a broader market sell-off that has seen a staggering $711 million in cryptocurrency liquidations.
Market Downturn Affects Shiba Inu Price
The market-wide downturn has affected numerous digital assets as investors react to recent macroeconomic concerns. At the time of writing, SHIB was down 10.43% in the last 24 hours to $0.00002168.
Whales Accumulate Shiba Inu Amid Market Sell-Off
Meanwhile, Shiba Inu has seen a 2,004% surge in large transaction volume over the last 24 hours, pointing to massive whale activity. This sudden spike suggests that whales, or large holders, are making substantial moves as the market faces a sell-off.
According to IntoTheBlock, large transactions (typically defined as those exceeding $100,000) have been on the rise, with volumes amounting to 34.42 trillion SHIB, or $751.22 million, in the last 24 hours. This indicates that large holders are either accumulating or redistributing their SHIB holdings.
Conclusion
In summary, Shiba Inu’s burn rate has surged by 4,100% in the last 24 hours, with a total of 21,709,094 SHIB tokens permanently removed from circulation. Despite this positive development, the price of Shiba Inu has experienced a sharp decline amid a broader market sell-off. However, the significant increase in large transaction volume suggests that whales are making strategic moves, which could potentially impact the market in the coming days.
Source: U.today
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