Shiba Inu (SHIB), the second-largest memecoin on the Ethereum Blockchain, has re-emerged in the crypto spotlight following a significant increase in its token burn rate. Data compiled by Shibburn, a platform tracking SHIB token burns, reveals a 459% rise in the burn rate over the past 24 hours. According to Etherscan, this surge is attributed to the transfer of a large amount of SHIB to an inaccessible wallet address.
The community-driven initiative led to the burning of an astonishing 146.26 million SHIB tokens, effectively removing them from circulation. This massive increase in token burn rate was significantly influenced by a community member transferring 100 million SHIB to a dead wallet address within the last day.
Amidst this downward trend, notable whale activity has been observed, with 4.27 trillion SHIB being moved between anonymous wallets, as reported by the Whale Alert platform.
Despite the aggressive token burns, the price of Shiba Inu’s SHIB has continued to decline, dropping by 2.71% in the last 24 hours to a current trading level of $0.000009013. Weekly and monthly price charts indicate a 6.08% and 15.96% decrease, respectively.
While a total of 410.708 trillion SHIB tokens have been burned since its initial supply, the memecoin’s price still faces a notable downturn. However, with the community’s strong support for ongoing token burns and detected whale transactions, there is an expectation for the memecoin’s price to rise over time.