SHIB Burn Jumps 850% – Leads Ethereum Whale Trade

Shiba Inu (SHIB)

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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