The cryptocurrency called Shiba Inu, often dubbed a rival to Dogecoin, saw its burn rate increase by a massive 850% in just one day.
What Happened
According to Shibburn data, more than 1 billion SHIB tokens were taken out of use during this time.
Why It Matters
There was a big transaction where 4.6 trillion SHIB tokens, worth $38.39 million, moved from Bitvavo crypto exchange to a wallet with no owner. This happened twice, with a similar transfer the day before.
Why It’s Important
These big moves happened when Shibarium, a new Ethereum-based blockchain, was introduced. Also, Whalestats data showed that SHIB is now the top token traded among the biggest Ethereum holders.
Price Update
Right now, SHIB is valued at $0.00000789, a decrease of 4.19% in the past 24 hours.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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