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Shiba Inu Burn Rate Drops 8% As Whale Moves $31M SHIB To Coinbase

Despite an 8% drop in the Shiba Inu burn rate and whales positioning to sell SHIB, the memecoin has risen by nearly 2% over the last day.
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Shiba Inu Burn Rate Drops 8% As Whale Moves $31M SHIB To Coinbase

Highlights

  • Shiba Inu burn rate has fallen by 8% in the last 24 hours.
  • Whales have moved over $31 million worth of SHIB to centralized exchanges.
  • Shiba Inu price continues to climb amid a raft of negative fundaments.

The Shiba Inu burn rate has taken a major hit over the last day, casting a shadow of doubt over the short-term price of the memecoin. SHIB price is facing an array of downward pressure, with an unknown whale moving $31 SHIB to Coinbase.

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Near-term Panic As Shiba Inu Burn Rate Tumbles By 8%

According to data from Shibburn, Shiba Inu’s burn rate has fallen by over 8% over the last day. Per the data, only 4.5 million SHIB were sent to a burn address over the last day, representing a steep decline of 8.62%.

The Shiba Inu burn rate has been in decline since the start of May, fuelled by a raft of factors. Back in mid-May, the SHIB burn rate fell 100%, barely days after a massive spike in burn activity on the network.

Shib tokens are burned to taper the circulating supply, increase demand, and prop up prices for a spike in token valuation. Consequently, the decline in burn rate may have an adverse effect on the near-term price performance of Shiba Inu.

At press time, the asset is trading at 0.00001286, up by nearly 2% over the last 24 hours, defying predictions for a short-term slump. A previous day decline in the burn rate threatened to send the SHIB price crashing by 28%.

There are several reasons behind a slowing Shiba Inu burn rate, including large SHIB holders offloading their tokens. Furthermore, the absence of an automatic burn mechanism plays a contributory role in the declining metrics.

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Whale Moves $31M Worth Of SHIB To Coinbase

Amid the Shiba Inu burn rate decline, an unknown whale has moved a sizable amount of SHIB tokens to Coinbase Institution. According to an X post by Whale Alert, the whale transferred 2,542,712, 471,794 SHIB valued at $31 million to the institutional arm of Coinbase.

The whale, most likely an institutional SHIB holder, is signaling a mass sale of SHIB tokens on the centralized exchange. Typically, traders interpret the movement of funds from unknown wallets to exchanges as the precursor for a potential sale.

Traders are scanning the horizon for clues to decipher if the movement to Coinbase is a mass sale or a strategic liquidity management. However, Shiba Inu price is spiking on the back of sky-high transaction volumes for the memecoin.

 

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he's not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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