Shiba Inu Burn Rate Spikes By 950%; SHIB Price Surge Incoming?

Shiba Inu Coin News: Shiba Inu (SHIB), the world’s second largest meme crypto is receiving huge support from the community while riding on an upward rally. SHIB price has spiked by more than 41% over the last 30 days. However, this surge was basically guided by the recent crypto market recovery.

Shiba Inu price dips amid a spike in burn rate

As per the data provided by Shibburn, the Shiba Inu Coin burn rate has spiked by around 950% over the last 24 hours. In order to reach this number, the SHIBarmy burned more than 11.1 million SHIB tokens.

The data tracker reported that almost 1.2 billion Shiba Inu coin were burned in the month of January in just 223 transactions.

Shiba Inu prices have registered a marginal drop over the past 24 hours. Meanwhile, SHIB has turned out to be more profitable than Dogecoin (DOGE) in the long run. DOGE price have declined by 8% in the last 60 days, while SHIB went on to register a price jump of 25% in the same period.

SHIB is trading at an average price of $0.000012, at the press time. However, its 24 hour trading volume has declined by 30% to stand at $225 million. Shiba Inu holds a market cap of $6.4 billion.

SHIB top choice of ETH whales

A wave of Shiba Inu coin accumulation among the top 100 Ethereum (ETH) whales has been spotted. As per the data provided by the Whalestats, SHIB became the most traded token among the largest whales. Shiba Inu flipped the Wrapped Ethereum (WETH) token to gain the top space.

While Shiba Inu Coin landed on the tally of the top 10 purchased tokens among the largest 100 ETH whale over the past day. However, SHIB is the biggest token held by these whales by the dollar value. The top 100 ETH whales hold $586 million worth of SHIB tokens.

However, the cumulative holding of the top 2000 ETH whales now stands at $607 million.