Shiba Inu Coin: SHIB Burn Skyrockets Over 600% In A Day, Is Price Jump Next?

Shiba Inu’s burn rate rises over 600% in the last 24 hours, as per the Shiba Inu official tracker Shibburn. There has been a substantial increase in the burn rate this month, making the rise in the burn rate in the last 24 hours more significant. Could this be the start of the Christmas rally for Shiba Inu?

Shiba Inu Burn Rate Rises Massively in 24Hr

According to the Shibburn website, 27,291,662 Shiba Inu (SHIB) tokens were burned in the last 24 hours. Only 4 transactions contributed to taking out significant tokens out of Shiba Inu circulating supply.

In an effort to reduce the massive supply of the crypto industry’s top meme cryptocurrency, a Shiba Inu whale sent 24,091,662 SHIB to the burn address. The whale still has over 312 billion Shiba Inu tokens. The Etherscan data also show that the whale is an active buyer of SHIB.

Recently, several Shiba Inu whales send SHIB tokens to the dead address. As earlier reported by CoinGape, SHIB has re-emerged on the list of the ten largest assets held by Ethereum whales, according to the digital wallet tracker WhaleStats. Millions of SHIB tokens have been burned, with Shiba Inu whales sending massive amounts in single transactions.

Moreover, Shiba Inu has reemerged as the top 10 purchased tokens among the 500 biggest Ethereum whales in the last 24hrs. The top 2000 whales are holding over $50 million in Shiba Inu tokens.

Can SHIB Price Rally?

Shiba Inu price is trading at $0.000008283, trading sideways in the last 24 hours. The SHIB price is up 2% in a week, indicating the possibility of an upside move.

The 24-hour low and high for SHIB are $0.00000827 and $0.000008342, respectively. Traders expect a rally in Shiba Inu as a result of the Santa Claus rally.

Also Read: Here’s Why Shiba Inu Coin’s Next Recovery Cycle May Hit $0.00001

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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