Shiba Inu Burn Rate Spikes By 500%; Price Surges By 12%
Shiba Inu Coin (SHIB) is leading the meme cryptos price rally as the investor’s sentiments towards the market turned positive. SHIB price has surged by 23% in the last 7 days while Dogecoin (DOGE) has shown a surge of around 20% in the same period. In order to boost Shiba Inu price ahead SHIBArmy is actively burning more SHIB tokens.
Are whales still interested in Shiba Inu Coin?
WhaleStats reported that the Shiba Inu Coin has flipped Wrapped Bitcoin (WBTC) for the most traded token among the top 100 Ethereum (ETH) whales. While Shiba Inu has also landed on the list of the top 10 cryptos purchased by the largest ETH whales in the same period of time.
As we dig in, Shiba Inu token can be seen making it to the top 10 tokens used by the biggest 100 whales as per trading volume. However, these whales are now holding $81 million worth of SHIB tokens.
Burn rate boosting SHIB price?
The community’s active response in order to decrease Shiba Inu Coin circulation from the market has been working progressively. As per data provided by Shibburn, SHIB burn rate has surged a whopping 500% in the last 24 hours. SHIBArmy has burned around 11.8 million SHIB tokens to achieve this feat.
On the market side, Shiba Inu price has spiked by around 12% in the last 24 hours. SHIB is trading at an average price of $0.000010, at the press time. SHIB’s 24 hour trading volume has surged 81% to stand at $640 million.
- XRP to $9? Analysts Tip ‘XRP Is a Buy’ as Price Targets 200% Surge
- CZ Endorses Hyperliquid Rival Aster DEX, Token Rallies 1,500%
- Tom Lee’s BitMine Adds $84M in ETH as Expert Predicts Ethereum Rally to $5K
- Grayscale’s Crypto Index Fund Sees ‘Solid Start’ as SOL, XRP Institutional Demand Climbs
- Senate Democrats Urge Republicans for ‘True Collaboration’ to Quickly Pass CLARITY Act
- PUMP Price Forecast: Whale Buys 1B Tokens as Bullish Pennant Signals 65% Breakout
- Bitcoin Price Prediction: Analyst Highlights Breakout Patterns as Coinbase CEO Backs Crypto Structure Bill
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
- Shiba Inu (SHIB) Price Prediction: Massive SHIB Burn and 80-Week Cycle Mirroring Past Rallies: Will History Repeat?
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.
