Shiba Inuhas attracted attention in the crypto market with a significant increase in burning activity. According to data shared by Shibburn, there is a huge increase of 459% in the SHIB burning rate. This development attracted great global attention.
However, according to data from Etherscan, this rise dwarfs a massive SHIB transfer to an unusable wallet. This transfer is an effort by the Shiba community to provide assistance to SHIB tokenomics.
SHIB Burning and Whale Activity
The transfer to an unusable wallet was facilitated by the ShibDreamNFT collection. It is possible to say that this was a helpful step towards SHIB tokenomics
Meanwhile, the total burned from SHIB’s initial offering meme coin Its number is currently evaluated at 410.708 trillion. However, the price of the meme coin is still facing a significant decline.
Interestingly, in the midst of this ongoing chronicle, a broader crypto- A SHIB whale transaction also emerged in the market. According to on-chain data from Whale Alert, 4.27 trillion SHIB was moved between unknown wallets. This created additional implications for the token.
Shiba Inu Price Falls
At the time of writing, the Shiba Inu price has fallen 2.71% in the last 24 hours. It is currently trading at $0.000009013. Moreover, the price chart showed further declines last week, with a decline of 6.08%. Additionally, even the monthly charts improved the bearish trends on the crypto horizon, showing a significant decline of 15.96%.
However, with increased burnings, the community hopes to see subsidized prices soon. Moreover, with significant whale activity coming to light, traders are seeing increased on-chain activity for the token. This indicates a possible price movement change after a short time.