Shiba Inu (SHIB), the second-largest memecoin built on the Ethereum blockchain, has seen a massive 27,000% increase in token burn rate over the past 24 hours, drawing investor attention. Shibburn’s data indicates millions of SHIB tokens have been removed from circulation, with the total burned since inception reaching 410.70 trillion.
The significant uptick in SHIB’s burn rate was largely due to the transfer of 9.35 billion SHIB to a dead wallet, effectively removing them from circulation. This move excited the community and was a major contributor to the surge in the burn rate.
On-chain data provider Lookonchain reported substantial whale activity, revealing a new crypto whale purchasing 1.44 trillion SHIB from exchanges Binance and Gate.io and transferring them to a wallet starting with 0xF63 in five separate transactions.
At the time of writing, SHIB’s price had jumped 1.38% in the last 24 hours to $0.000009516, with a corresponding 1.27% increase in market value. The price and market value growth were accompanied by a 65.25% surge in trading volume.
Market sentiment, which plays a significant role in Shiba Inu’s price trajectory, has become increasingly positive, reflecting the investor belief in the altcoin’s price being supported by the increased burn rate and on-chain activity.