- Shiba Inu burns 21.7 million tokens, boosting burn rate by 4,100% in just 24 hours.
- SHIB price plunges 11% amid $711 million market-wide crypto liquidation.
- Whale transactions in SHIB soar by 2,004%, moving $751 million worth in a day.
Shiba Inu (SHIB) has experienced a surge in the token burn rate, which increased by 4,100% in the last 24 hours. 21,709,094 SHIB tokens were burned from circulation in this period. This surge was driven by one large transaction, in which 21,088,148 SHIB was burned. The rising burn rate in the SHIBA INU community is expected to decrease the overall token supply, enhancing the community’s optimism about the token’s long-term value.
The burn rate impressively increased. However, the Shiba Inu price fell by almost 11% during the same period and within the same day. This price decrease was accompanied by market sell-offs that led to more than $700 million in cryptocurrency liquidations. Macroeconomic factors have negatively impacted digital assets like Shiba Inu, leading to market volatility and investor caution, decreasing SHIB’s price to $0.00002168.
Increase in Whale Activity for SHIB
Shiba Inu has seen a massive uptick in large transactions, which rose by over 2,004% within the last 24 hours. This surge indicates that the activities of wallet whales or investors in SHIB have been heightened. Large transactions of over $100,000 SHIB have increased, indicating that these large holders are accumulating or redistributing their assets.
Altogether, large transactions total 34.42 trillion SHIB, approximately $751.22 million. Whales’ activity indicates that investors are preparing for or responding to volatile market tendencies. Whales use these conditions to improve their positions, explaining such large fluctuations in current market conditions.
Shiba Inu’s Price Struggles Amid Market Sell-Off
The recent surge in SHIB burning rate and high transaction value has emerged during unpredictable market conditions with volatile trends. As for the general crypto market, significant selling pressure has been observed, impacting the prices of most cryptocurrencies. Like many other digital currencies, Shiba Inu suffered from this decline by over 10% within 24 hours. Even if the burn rate is high, then a decrease in the price reveals the unpredictable correlation between token supply and market sentiment.
Nevertheless, although the burn rate might be promising enough, it cannot stabilize the downward trend of SHIB’s price in the short term. Still, the extraordinary level of whale activity might indicate that some investors are choosing to engage in certain stocks and securities to prepare for a capitalization outcome in the future.