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During the last 24 hours, Shiba Inu Burn Rate increased by an astonishing 4,100%, with a total of 21,709,094 SHIB tokens permanently removed from circulation.
According to the Shibburn account21,709,094 SHIBs were burned in the last 24 hours, representing a 4,100.35% increase in the daily burn rate. A single massive burn of 21,088,148 SHIB carried out in the last 24 hours contributed to this.
This massive increase in token burns is a positive sign for the Shiba Inu community, contributing to its total supply reduction.
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Despite this remarkable burn rate, the price of Shiba Inu saw a sharp decline, plunging almost 11% over the same 24-hour period. This drop in value comes amid a broader market sell-off that has resulted in a staggering $711 million in cryptocurrency liquidations. The broader market slowdown has affected many digital assets as investors react to recent macroeconomic concerns.
Shiba Inu Skyrockets 2,004% in Whale Movements
Shiba Inu prices have fallen alongside the broader crypto market. At the time of writing, SHIB was down 10.43% over the past 24 hours to $0.00002168.
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Meanwhile, Shiba Inu (SHIB) saw a 2,004% increase in large trading volume over the past 24 hours, indicating massive whale activity. This sudden rise suggests that whales, or large holders, are making substantial moves as the market faces a sell-off.
Large transactions, generally defined as those exceeding $100,000, are on the rise. According to In the blocktheir volumes amounted to 34.42 trillion SHIB, or $751.22 million, in the last 24 hours. This indicates that large holders are accumulating or redistributing their SHIB holdings.
This type of activity often indicates strategic actions by whales, which may position themselves ahead of anticipated market developments or react to underlying market conditions.
According to the official Treat