While Burn Rate Increases 260% in Meme Coin, Whale Transaction Volume Takes Off!

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  • The burn rate of this popular meme coin has increased by 260 percent after a massive 312 billion whale purchase.

The burn rate of one of the most popular meme coins in the crypto industry has skyrocketed after the market witnessed a staggering rise in trading volume on Shiba Inu (SHIB) whale addresses. It is thought that an anonymous retail whale has seized more than 300 billion SHIB tokens and the buying movements of other SHIB whales could cause an increase in the number of tokens burned on the network.

It is a tracking platform that actively performs SHIB burning and can track the amount of SHIB tokens burned by the Shiba Inu community. shibburn According to the website’s data, more than 170 million SHIB tokens have been burned since yesterday. The increasing number of coins burned in the meme token, which has witnessed a 250 percent increase in its burn, is closely correlated with the price increase of the asset in the market.

SHIB crypto

The more than 50 percent increase in the value of the Shiba Inu over the past 50 days has caught the attention of many retail whales returning to purchase large volumes of Shiba Inu tokens, potentially fueling the latest price spike.

Shiba Inu whales experience 511% increase in trading volume

There was a massive 511 percent increase in whale trading volumes yesterday, according to WhaleStats analysis of the top 100 Shiba Inu owners. Likewise, the average SHIB balance and value of owners in this category increased by 26.58 percent and 24.18 percent, respectively.

WhaleStats also reported a 70 percent increase in active addresses as crypto whales interact with billions of Shiba Inu. This increase in trading volumes came just after the increased activity.

Koinfinans.com As reported by Shiba Inu, the Shiba Inu has also faced buying pressure from whales and has ranked among the top 10 most bought tokens among the 2,000 largest ETH whales in the past 24 hours.

In addition, IntoTheBlock also reported a 142 percent increase in major addresses holding over $100,000 in SHIB tokens.

Developments in SHIB attract the attention of investors

The expectation that adoption will increase widely and upcoming launches may play a role in all these developments. Shiba Inu recently announced its historic collaboration with The Third Floor (TTF) to build its Metaverse, making whales optimistic about the SHIB token’s potential.

As for burns, the launch of the Shiba Inu card has acted as the main source of flash rate in the market as it adds a new burn mechanism to the Shiba Inu ecosystem that will burn a small amount of tokens each time someone makes a purchase with the card.

Whales can also send their desired amount of SHIB tokens to a burn address that is not used by anyone or anything except to remove the “destroyed” tokens from circulation. Shiba Inu burncan contribute directly to

Community committed to SHIB burns

These ongoing massive SHIB burns show that the community is determined to reduce the circulating supply of Shiba Inu. It is believed that this could also help increase the price of the meme token significantly.

Billions of Shib tokens have been burned since the introduction of the burn initiative, and in July alone, the Shiba Inu community removed a total of 4.7 billion SHIB tokens from circulation.

It is worth noting that meme coin has a huge supply, although community members have already removed approximately 410.4 trillion SHIB tokens from the meme token supply through various burning activities. Despite all these burns, the circulating supply of the token currently stands at 558.2 trillion, according to Shibburn data.

According to CoinGecko data, the SHIB token, which has not shown any significant performance in the market in the last 24 hours, is trading at $0.000012 at the time of writing.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.


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