Shiba Inu Burn Rate Surges 800% As Whale Moves 4 Tln SHIB, Rally To Continue?

Shiba Inu, an Ethereum-based altcoin, is once again nabbing noteworthy attention among crypto market fanatics as the cryptocurrency continues to make significant advances within the crypto realm.

The Shiba Inu (SHIB) burn rate witnessed a massive upswing over the past 24 hours, with millions of tokens burnt.

Furthermore, a colossal whale transaction also grabbed crypto market traders’ attention as it transferred trillions of SHIB to an unknown wallet.

Meanwhile, amid the aforementioned SHIB saga, the Shiba Inu price also maintained its upswing, creating a buzz within the broader crypto market.

SHIB Burn Rate & Whale Activity: Report

Shibburn, a platform facilitating SHIB burning insights, recently unveiled data revolving around the surge in SHIB burn rate. As per the data, the burn rate noted a colossal surge of 803%, with 10.34 million SHIB burnt in the past 24 hours. The burning of SHIB continues to surge as the Shiba community constantly ushers in efforts to jack up the SHIB tokenomics.

Furthermore, another phenomenon that caught the eyes of crypto market enthusiasts was a massive whale activity orbiting around the Shiba Inu cryptocurrency.

According to Whale Alert, a platform offering blockchain tracking metrics, a whopping 4.22 trillion SHIB were transferred between unknown wallets.

Moreover, as per market statistics, the unknown wallet address, 0xceb6b2bc…d04eedbe59, was noted making the aforestated transfer to another wallet, 0xda2d9398…95bbe536f9, recently.

The recent advancements made by the Shiba community, encompassing the surge in burn rate and whale activity, appear to fall in line with the significant pump witnessed by the SHIB token.

Also read: Cardano News: Cardano (ADA) Defies Broader Market Consolidation With 7% Gains, What’s Next?

Shiba Inu Price Upswing

At the time of writing, the Shiba Inu price noted a marginal jump of 1.91% over the past 24 hours, reaching $0.000009799. Besides, the memecoin also recorded a substantial surge of 19.08% over the past week, accompanied by a monthly rise of 17.38%.

The price upswing experienced by the token marked a significant milestone for the Shiba community as it recently surpassed the LTC and DAI cryptocurrencies in global rankings by market cap.

Crypto traders and investors throughout the globe are eyeing the token extensively as the community continues to advance further to jack up the Shiba Inu cryptocurrency, showcasing an upcoming bull run for the token.

Also read: Crypto Prices Today: BTC, HNT Advance As Pepe Coin Declines