Shiba Inu, often dubbed the ‘Dogecoin killer,’ experienced a significant spike in token burning, surpassing a 1600% increase in a single day. The Shibburn tracker reported the removal of 88 million SHIB tokens from the circulating supply.
The notable surge in the burn rate is linked to three anonymous wallets, responsible for transferring 83 million SHIB tokens to a “dead wallet,” rendering them unrecoverable. The remaining activity contributing to the burn rate consists of smaller burns.
Token Burn Surge Coincides with Ethereum Whales’ Heavy Purchases
The recent spike in Shiba Inu token burning aligns with substantial acquisitions by Ethereum whales, particularly following the approval of Bitcoin’s iShares ETF. A notable investor secured a massive 237.869 billion SHIB tokens, along with a substantial quantity of FTX tokens and Ethereum, in multiple transactions.
Whale Activity and Accumulation Totals: Etherscan data reveals that this investor, alongside four other anonymous addresses, accumulated a total of 5.807 trillion SHIB within the last day, equivalent to nearly $57.14 million.
Shibarium’s Transaction Decline: Concurrently, the Shiba Inu network’s blockchain, Shibarium, has experienced a decline in daily transactions. The count dropped from an average of 7 million in December 2023 to below 2 million in January 2024. Specifically, transactions fell from 7.84 million on December 28, 2023, to just 1.16 million on January 13, 2024.
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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