The Shiba Inu community has recently witnessed a significant increase in SHIB token burn rates, as reported by the Shibburn wallet tracker. This surge coincides with massive movements of trillions of SHIB by crypto whales, signaling a dynamic period for the popular meme coin. In the last 24 hours, the community observed the burning of 235,603,488 SHIB, worth approximately $2,482, marking an astonishing 45,083.50% increase, a rate not seen in recent weeks.
The increase in burns was achieved through 16 transactions, including a notable movement of 220,729,973 SHIB to a non-spendable blockchain wallet. Other transactions ranged from millions to billions of SHIB, highlighting the community’s collective effort to reduce the circulating supply and potentially impact the coin’s price.
Simultaneously, crypto whales have been involved in significant transactions involving trillions of SHIB. Whale Alert, a crypto tracker, reported a single transfer of 4,253,619,279,051 SHIB, valued at $44,909,712, underscoring the magnitude of whale activities within the SHIB ecosystem. Another notable transfer reported by Arkham Intelligence involved a whale acquiring 417.138 billion SHIB from an anonymous wallet, equivalent to $4.43 million, indicating increased interest in Shiba Inu among crypto whales.
The SHIB community’s concerted effort to burn significant amounts of SHIB stems from the belief that reducing the crypto’s supply could positively influence its price. The Shiba Inu Discord administrator, DaVinci, emphasized that all funds for burning SHIB, including transaction fees on Shibarium and individual burns, should come from users.
In addition to community-led burns, the SHIB development team has played a crucial role by burning a significant number of SHIB coins. They conducted four major burn transactions during December and the last week of November, removing approximately 8.5 billion Shiba Inu tokens and contributing to a total burn of over 36 billion SHIB.
As SHIB experiences an uptick in burn rates and significant whale transactions, the Shiba Inu community finds itself in a dynamic phase. The strategic reduction of circulating supply, coupled with increased whale activity, is creating a sense of excitement and anticipation among SHIB investors. The ongoing initiatives by both the community and developers are setting the stage for shaping Shiba Inu’s trajectory in the near future, presenting an intriguing scene for those closely following developments in the SHIB ecosystem.