Shiba Inu Burn Rate Spikes Over 3000%, $SHIB Whale Transactions At 3-Month High

Shiba Inu (SHIB), the popular memecoin, experienced a staggering burn rate of over 3000% in the last 24 hours. Crypto analysis platform Santiment highlights that despite a significant drop in market cap, recent positive signs in whale transactions and token circulation have sparked renewed interest in Shiba Inu. Whale transactions hit highest in three months.

Shib Burn Spikes Over 3000%

In a stunning development, Shiba Inu (SHIB) experienced an astonishing burn rate of 3197.58% in the last 24 hours, resulting in the destruction of 472,351,642 $SHIB tokens. Wallet adress 0x881d5c98866a08f90a6f60e3f94f0e461093d049 has burnt alone over 22,543,426 $SHIB tokens.

Despite the recent burn event, the price of Shiba Inu (SHIB) currently stands at $0.00000758. This is significantly lower than its all-time high of $0.00008845, which was reached two years ago on October 28, 2021. In the past 24 hours, SHIB has experienced a range of $0.000007536 to $0.00000779, indicating a relatively stable trading range.

However, the market capitalization of Shiba Inu has faced a slight decline. The current market cap is valued at $4,469,406,075, showing a 2.00% decrease from the previous period.

Positive Indicators For Shiba Inu

According to data from Santiment, a renowned crypto analysis firm, the burn has had a profound impact on the price and market capitalization of Shiba Inu. $Shib is gradually regaining the attention of traders after experiencing a mild price jump of +8% over the weekend. Despite the decline in market cap, there are other encouraging indicators within the Shiba Inu ecosystem. Santiment highlights the positive signs seen in whale transactions and circulation of SHIB tokens.

Shib lead developer Shytoshi Kusama announced last week that Shibarium mainnet release and Worldpaper are coming in August. Following that, Shib layer-2 blockchain Shibarium gas token Bone ShibaSwap (BONE) token soared more than 35.49% in the past week.

CoinGape reported that Shibarium, a highly anticipated project associated with the popular $SHIB token will see a never-before-seen burning mechanism that promises to burn trillions of $SHIB tokens.