Shiba Inu (SHIB) Burning Increases Over 3800%; Whale Transactions at Highest Level since April
Shiba Inu (SHIB), the well-known meme coin, has seen a remarkable increase in its burn rate, resulting in a significant reduction of tokens in circulation. On July 10, the burn rate of SHIB surged by over 3,800%, causing the permanent elimination of 508,958,446 SHIB tokens, according to Shibburn data.
Amidst growing anticipation, Shiba Inu’s burn rate has surged. The excitement stems from the upcoming public launch of Shibarium, which has been confirmed to occur in August at the Blockchain Futurist Conference in Toronto, Canada.
Shiba Inu (SHIB) Burn Rate (Source: Shibburn)
SHIB Burn Rate Surges by over 2688%
Although the burning rate of SHIB had slowed down in the past week, there has been a significant spike as of the time of writing. This surge has reignited interest in the project, as it involved sending a total of 59,98,46,344 SHIB tokens to inactive wallets.
Shiba Inu (SHIB) is currently priced at $0.00000760, which is a significant drop of over 91% from its highest value of $0.00008845 reached on October 28, 2021. Additionally, the meme coin’s market capitalization has slightly decreased, currently standing at $4.47 billion. As a result, it now holds the 19th position in terms of ranking.
Whale Transactions and Token Circulation Boost Interest in SHIB
Market observers have taken note of positive developments in whale transactions and token circulation for SHIB. Whale transactions, which involve large amounts of tokens, have reached their highest level in three months. This has sparked renewed interest in SHIB and captured the attention of market participants.
According to a tweet from Santiment, 14 different individuals with significant holdings, known as whales, moved more than $1 million in transactions as of July 6. The Shiba Inu coin continues to create excitement and curiosity among the community interested in meme coins.
Shiba Inu (SHIB) Price Chart (Source: Tradingview)
The price of Shiba Inu experienced a rise of approximately 0.66% within a day and 11% over the course of a month. Additionally, the Shiba Inu moving average (MA) suggests a temporary decline or correction in the near term.
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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