Shiba Inu Burn Rate Soars 3,500% as 500M SHIB Destroyed

Shiba Inu burn rate has skyrocketed to a massive 3484% in the last 24 hours while putting more than 537 million SHIB coins out of circulation. As a result, the SHIB price is up 4% in the last 24 hours, taking its market cap to more than $7.2 billion. This is a healthy uptick considering a 10% steep fall in the last two days amid crypto market volatility following the Israel-Iran conflict.

Will Surge In Shiba Inu Burn Rate Lead to Higher Price?

Shiba Inu’s native cryptocurrency SHIB, has seen a massive 3484% surge in burn rate in the last 24 hours, in continuation to the SHIB burns from earlier this week. As per data from Shibburn, a total of 537 million coins have moved out of circulation, thereby providing an upward pressure to the memecoin price.

Furthermore, the data from Shibburn also shows that in the last 12 hours of writing, the crypto wallet address …2019a has deposited more than 500 million to the burn address.

Along with the Shiba Inu price gaining 4% today, the SHIB futures open interest has also soared by over 4%, moving all the way to $141.85 million, as per the Coinglass data. This shows high bullish sentiment among traders and overall market enthusiasm surrounding he meme coin.

SHIB Whale Activity Crashes By 65%

As per the data from blockchain analytics platform IntoTheBlock, Shiba Inu (SHIB) whales are showing signs of retreat, reporting a massive 65% drop in SHIB’s large transaction volume within just 24 hours.

Wallets holding at least $100,000 worth of SHIB tokens have seen a significant reduction in activity, highlighting dropping interest among large holders. This sharp decline highlights a lack of resilience among investors amid the broader market downturn.

Last week, on June 6, SHIB’s large transaction volume peaked at an impressive 17.63 trillion SHIB. However, this metric has since nosedived to just 948.59 billion SHIB in the last day. The data suggests that whales are offloading their SHIB holdings.

This might weigh as a negative sentiment on the SHIB price for the continuation of the rally. However, if the whale activity flips to the positive with a higher burn rate, investors can see some upside here.