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.