Shiba Inu Burn Rate Surges 700% Amid Whales Moving 16 Trillion SHIB
Shiba Inu, the self-proclaimed Dogecoin-killer is creating quite a buzz in the crypto realm following its colossal surge in the burning of tokens.
Moreover, as per the recent data unveiled by Whale Alert, one of the world’s leading crypto-tracking platforms, a series of colossal whale transactions caught the eyes of investors and traders alike as it recently transferred over 16 trillion tokens to date, November 9, 2023.
Subsequently, amid the constant burning and reallocation of SHIB tokens, the Shiba Inu price witnessed a marginal surge over the past seven days with today’s price witnessing a slight jump.
Shiba Community Burning Tokens Amid Price Surge
According to recent data by Shibburn, 9.79 million SHIB tokens have been burnt over the past 24 hours. The SHIB burn rate witnessed a phenomenal surge and was up by 704.59% as of writing.
The aforestated burning of tokens portrays a positive sentiment revolving around the SHIB tokenomics. The Shiba Inu crypto community seems to be jacking up the SHIB tokenomics by reducing the overall tokens available for supply.
The Shiba Inu(SHIB) price, as of writing, witnessed a marginal surge and was up by 23.35% over the past twenty-four hours, reaching $0.$0.0…01151. Furthermore, the token witnessed a marginal surge of 4.33% during the past seven days.
The meme coin’s price surge appears to align with the recent advancements made by the community to jack up the SHIB tokenomics.
Also read: Cathie Woods’ Ark Invest Buys Block Inc. Shares But Dumps Grayscale’s GBTC
Whales Transferring Trillions of SHIB Tokens
According to the data revealed, a whopping 2.4 trillion SHIB tokens were transferred from an address, 0x9acbb72c…9c6a9c3311, named Paribhu to an unknown wallet, 0xa23cbcdf…65885be3f5, as of tuesday, November 7. Furthermore, another whale movement the caught the eyes of investors on November 7, wherein, an unknown wallet transferred a whopping 4.3 trillion SHIB tokens to another unknown wallet.
Furthermore, in a series of whale transactions revolving around Shiba Inu, over 16 trillion tokens have been transferred to date, following the Shib community’s efforts to jack up the SHIB tokenomics.
As of Monday, November 6, a whopping 4.4 trillion SHIB tokens were transferred from Bitvavo, a cryptocurrency exchange, to an unknown wallet, 0x5c21d705…d05d59f201.
Additionally, another whale movement caught the eyes of crypto enthusiasts, transferring 4.4 trillion SHIB tokens from one unknown wallet to another. The unknown wallet, 0x3ba943c7…225e6dabee, transferred SHIB tokens to another unknown wallet, 0x0259ca48…52d2b3064f, on Bitvavo.
The total number of SHIB tokens transferred in the past amounts to over 16 trillion, portraying a positive sentiment revolving around the broader crypto market.
The aforestated transactions involving massive SHIB whale movements appear to come as a result of the Shiba Inu community building up support for their token. Additionally, the Shiba crypto community has also been constantly burning SHIB tokens with hopes of jacking up the SHIB tokenomics.
Also read: Here’s Why the Crypto Market Rally Looks More Sustained Despite Bitcoin Losing Market Grip
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