Shiba Inu Burn Rate Soars 5000% As Whale Reshuffles 4 Tln SHIB, What’s Happening?

Shiba Inu, one of the most popular meme coins within the cryptocurrency realm, recently gained notable traction as it recorded a colossal surge in its burn rate over the past day. Moreover, the rise in SHIB burn rate seems to have curated a torrent of speculative buzz across the broader crypto market on Monday as it came forth amid a price drop witnessed by the token.

Simultaneously, amid the aforestated saga, a substantial whale transfer also garnered noteworthy attention among crypto market enthusiasts. Notably, the whale transfer reshuffled nearly 4 trillion SHIB between unknown wallets, stirring further speculations for the token.

SHIB Burn Skyrockets Amid Whale Activity: Report

According to the data unveiled by Shibburn, a platform streamlining SHIB burn metrics, the community seems to have incinerated a whopping 53.13 million SHIB over the past 24 hours. Moreover, in accordance with the data, the burn rate noted a colossal 5043.37% upswing, fueling optimism for the token.

Simultaneously, aligning with the surge in burn rate today, the token’s weekly burn rate also recorded a 98.66% upsurge.

Meanwhile, a significant whale transaction orbiting Shiba Inu also occurred as the token recorded its burn rate upswing chronicle. Whale Alert, a platform offering on-chain metrics, unveiled data showcasing the transfer of 4.25 trillion SHIB yesterday, December 24. As per the data, an unknown wallet, 0x3ce6bed2…87d896c59f, shifted the aforestated amount to another unknown wallet, 0x9c570088…a22fd8b51b.

Intriguingly, the surge in SHIB burn rate, accompanied by the whale transfer of 4.25 trillion coins, coincided with a price drop noted by the token today, stirring a whirlpool of speculations across the crypto horizon.

Also Read: Crypto Prices Today: Bitcoin, Pepe Coin Fall As QNT Advances

Shiba Inu Price Drops

As of writing, the Shiba Inu price showcased a marginal drop of 0.97% and is currently trading at $0.00001077. In addition, the token’s 24-hour trading volume also noted a substantial fall of 22.92%, presently evaluated as $199.35 million.

Notably, the meme coin’s market cap also portrayed a marginal fall of 0.65%, aligning with the token’s price drop.

With the market charts portraying a down surge amid a surge in burn rate, market sentiments orbiting the token seem to be tumbling. Remarkably, the fall in SHIB tokenomics also contrasts with its recent whale chronicle.

Also Read: Coinbase and Top Crypto Companies Increase US Political Donations

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.