The popular altcoin Shiba Inu (SHIB) is drawing attention with a significant increase in the amount of SHIB burned by the community. Along with this increase, a whale transaction has sparked curiosity among investors. At the same time, as the SHIB tokenomics show various developments, there has been a noticeable rise in the altcoin’s price. Captivating investors and traders by removing a zero from its value, SHIB has entered an uptrend in its price.
In the last 24 hours, Shiba Inu’s burn rate increased by 82,896% (approximately 830 times), leading the community back into an upward trend. Within the short time that this article was prepared, 23 million SHIB were burned. According to current data, the amount of SHIB burned has reached 410.67 trillion of the initial supply.
Whale Alert, a whale transaction tracker, revealed a significant whale transaction during the surge in the burn rate. The platform announced that 4.23 trillion SHIB were transferred from an anonymous wallet to another anonymous wallet. The current value of the transferred SHIBs is $42.21 million.
These large whale transactions, along with the increase in the burn rate, seem to have triggered a strong bullish expectation for SHIB.
Positioning itself as a “Dogecoin killer,” Shiba Inu is currently trading at $0.00001022, with an increase of over 2% in the last 24 hours. The altcoin’s price has risen more than 20% in the past month, and market observers expect a much stronger price increase as the underlying activity grows each day.