Shiba Inu Experiences a 13,000% Surge in Token Burning Rate as Whales Move 11 Trillion Tokens

Shiba Inu Experiences a 13,000% Surge in Token Burning Rate as Whales Move 11 Trillion Tokens

Crypto News – Shiba Inu, often dubbed the ‘Dogecoin-killer,’ is making waves in the cryptocurrency world due to a significant increase in token burning and whale transactions. According to data from Whale Alert, a prominent crypto-tracking platform, a series of substantial whale transactions have recently taken place, involving the transfer of over 10 trillion tokens as of November 7, 2023.

This surge in token burning and the redistribution of SHIB tokens has led to a modest increase in the Shiba Inu price over the past week, with today’s price showing a slight upward trend.

Community-Led Token Burning Amidst Price Rally

Shibburn’s recent data reveals that an astonishing 173 million SHIB tokens were burned within the past 24 hours. The SHIB burn rate has skyrocketed, surging by an impressive 12,840.60% at the time of this report. This surge in token burning reflects a positive sentiment surrounding SHIB tokenomics, as the Shiba Inu community actively works to reduce the overall supply of tokens.

As of the time of writing, the Shiba Inu (SHIB) price has experienced a marginal increase of 3.91% over the past 24 hours, reaching $0.000008367. Furthermore, the token has seen a modest rise of 5.12% over the last seven days. This price surge appears to be in line with the community’s recent efforts to enhance SHIB tokenomics.

Whales on the Move

According to data, a substantial 2.4 trillion SHIB tokens were transferred from the address 0x9acbb72c…9c6a9c3311, known as Paribhu, to an unidentified wallet, 0xa23cbcdf…65885be3f5, on November 7.

Furthermore, a series of significant whale transactions have taken place within the Shiba Inu ecosystem, resulting in the transfer of over 10 trillion tokens to date. Notably, 4.4 trillion SHIB tokens were moved today from Bitvavo, a cryptocurrency exchange, to an unknown wallet with the address 0x5c21d705…d05d59f201.

Additionally, another whale transaction drew the attention of cryptocurrency enthusiasts, involving the transfer of 4.4 trillion SHIB tokens from one unidentified wallet (0x3ba943c7…225e6dabee) to another (0x0259ca48…52d2b3064f) on Bitvavo.

In the past 24 hours alone, over 10 trillion SHIB tokens have changed hands, reflecting a positive sentiment within the broader crypto market. These substantial transactions involving SHIB whales appear to be a result of the Shiba Inu community’s efforts to bolster their token’s support. Alongside these transactions, the Shiba crypto community continues its active token burning initiatives, aiming to strengthen SHIB tokenomics.