Shiba Inu (SHIB) Rallies Rising 6% Post CPI Statistics Release

• The burn rate of SHIB has increased by almost 2,400% in the last day.
• SHIB has become the most traded token among the top Ethereum (ETH) whales.

Shiba Inu (SHIB), the second biggest meme currency, rose in value by 6% during the last day. After the recent bank failures in the United States, the positive momentum indicates a rebound. At press time, Shiba Inu was worth $0.00001170, according to statistics from CMC. The market cap of SHIB is around $6.4 billion.

In addition, SHIB fell to $0.0000097 on March 10, the same day when the total value of all cryptocurrencies on the market fell by about $90 billion in less than 24 hours, to $912 billion. With the failure of Silvergate Bank on March 3, the asset began a downward trend.

Most Traded Token Among ETH Whales

Recently, the burn rate of Shiba Inu increased exponentially. Particularly it has increased by almost 2,400% in the last day, demonstrating its deflationary nature to the community.

It’s worth noting that, according to Whale Stats, SHIB has also become the most traded token among the top Ethereum (ETH) whales. According to the numbers, the top 100 token holders together own Shiba Inu valued at almost $34 million.

If all this wasn’t enough to get people excited, SHIB was also present at the recent SXSW event. During the event, attendees got a firsthand look at SHIB’s Metaverse, which was the event’s main focus. Almost immediately after Shibarium’s release, market sentiment shifted, becoming positive, and turning the majority of cryptocurrency charts green.