Shiba Inu (SHIB), a popular memecoin in the cryptocurrency world, has recently drawn attention due to a significant increase in its token burn rate. This surge in the burn rate occurred amidst a price drop for the memecoin, leading to various speculations. In addition to the substantial increase in token burns, a whale transaction involving the transfer of 4 trillion SHIB between two anonymous wallet addresses also piqued the interest of the crypto community.
According to data from Shibburn, a platform that tracks SHIB burn statistics, the community incinerated 53.13 million SHIB in the last 24 hours, indicating an astounding 5043% increase in the burn rate. Concurrently, the weekly burn rate of the token also experienced a 98.66% increase, aligning with the daily surge.
The Shiba Inu community is abuzz with the increased token burn rate coupled with a significant whale transaction. On-chain data revealed that on December 24th, 4.25 trillion SHIB were transferred between two anonymous wallets. The SHIBs were moved from a wallet starting with 0x3ce… to another starting with 0x9c5….
The transfer of 4.25 trillion SHIB coincided with the four-digit increase in the token burn rate during a period when the memecoin’s price was declining.
Over the past 24 hours, SHIB’s price fell by 0.97%, trading at $0.00001077 at the time of the report. Additionally, the memecoin’s 24-hour trading volume saw a significant drop of 22.92%, currently standing at $199.35 million.
The price chart suggests a downward trend amidst the increase in the token burn rate, and the sentiment among investors surrounding the token appears to be waning. Despite the rise in token burns, the price has been unable to sustain an upward momentum, indicating a bearish outlook.