Shiba Inu Burns Millions of Tokens as Whale Activity Rises

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Shiba Inu (SHIB) has experienced a significant surge in its burn rate, skyrocketing by an impressive 3,894%. This surge has resulted in the permanent removal of millions of SHIB tokens from circulation.

Token burning involves permanently removing a certain amount of cryptocurrency to reduce its overall supply. This is typically achieved by sending tokens to a “burn” address, a wallet from which they can never be retrieved. The main objective of this process is to create scarcity, potentially increasing the value of the remaining tokens.

Recent Burn Activity

In the last 24 hours, Shiba Inu saw a notable increase in burn rate. Shibburn X reported that 4,829,147 SHIB tokens were burned in seven transactions, causing a 3,894% increase in the burn rate.

In the past 24 hours, there have been a total of 4,829,147 $SHIB tokens burned and 7 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/p2G3eDcTN3
— Shibburn (@shibburn) June 6, 2024

Simultaneously, whale interest in SHIB has surged. The number of large SHIB transactions has doubled this week compared to earlier averages in 2024. Santiment observed that the amount of $100,000 transactions on the Shiba Inu network more than doubled this week, indicating accumulation by whales.

Recent Price Movements

Shiba Inu recently surged past the daily SMA 50 at $0.00002471, rebounding sharply from intraday lows of $0.00002284 on June 4. Today, SHIB extended its rebound to highs of $0.00002625 before encountering resistance. Currently, SHIB is down 1.5% in the last 24 hours to $0.00002562 but remains higher by 7% over the past week and up 218% yearly.

According to IntoTheBlock data, the large transaction volume for SHIB has risen by 223%, with $435.66 million transacted in large transactions exceeding $100,000. This metric estimates the total amount transacted by whales and institutional players daily. Spikes in Large Transactions Volume indicate high activity among institutional players either buying or selling.

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Shiba Inu’s burn rate surge, driven by increased whale interest and substantial transaction volumes, signifies a pivotal moment for the token. This heightened activity could potentially influence SHIB’s market dynamics, fostering greater value for the remaining tokens.