Bitcoin with a dog theme The burn rate in the Shiba Inu (SHIB) community has increased by an incredible 3,894%. Millions of SHIB tokens have been taken out of circulation forever as a result of this large rise.
Token burning is a technique used to lower the total supply of cryptocurrency by burning a certain quantity of it. To do this, the tokens are usually sent to a wallet known as a “burn” address, from which they can never be recovered. Token burning is primarily done to generate scarcity, which may raise the value of the tokens that remain.
Shiba Inu’s burn rate has increased significantly during the past day, burning millions of tokens.
https://x.com/shibburn/status/1798565749541245247
Seven transactions totaling 4,829,147 SHIB tokens have been destroyed in the last day, according to Shibburn X’s account. The burn rate increased by 3,894% as a result.
The number of major transactions using SHIB doubled this week compared to the averages recorded earlier in 2024, coinciding with the sharp increase in whale interest for SHIB and the surge in SHIB burns.
Santiment claims that an increase in whale interest is what appears to have caused the recent boom in Shiba Inus. In contrast to typical 2024 norms, Santiment observed that the quantity of $100,000 transactions on the Shiba Inu network has more than quadrupled this week, indicating buildup.
As previously mentioned, Shiba Inu saw a strong recovery from its intraday low of $0.00002284 on June 4 and soared beyond the daily SMA 50 at $0.00002471. During today’s trading session, Shiba Inu continued its rise reaching highs of $0.00002625 before encountering resistance.
As of this writing, SHIB was up 218% annually and down 1.5% over the previous 24 hours to $0.00002562. It had increased by 7% over the previous seven days.
The amount of big transactions for SHIB has increased by 223%, with $435.66 million exchanged in large transactions of $100,000 or more, according to IntoTheBlock statistics. An estimate of the total amount traded by institutional players and whales on any given day is provided by this measure. Increases in the volume of large transactions indicate that institutional players are actively buying or selling.
