Shiba Inu (SHIB) its ecosystem is experiencing a dramatic increase in the rate of burning, an increase of a staggering 5000%.
Shiba Inu Burn Rate Increased by 5,000% During Whale Migration
This major milestone for the meme cryptocurrency coincides with a notable whale migration trend as large holders actively move their funds.
There has been a significant increase in the burn rate of SHIB, a process that permanently removes tokens from circulation. The latest 24-hour statistics show that 53,136,874 SHIBs have been removed from supply.
This reduction in overall market supply can potentially positively impact the price of the asset if demand remains constant or increases.
On-chain data analysis reveals an intensification of activity among SHIB holders, with a significant increase in large transactions often associated with crypto whales.
47 large transactions were recorded in the last 24-hour period, indicating renewed interest and potential redistribution of SHIB assets among large investors.
The combination of a significant burn rate increase and the beginning of whale migration paints a history of active accumulation. These developments could potentially lead to a contraction in supply and subsequently provide support for the price.
*This is not investment advice.
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