More Shiba Inu getting burned now as whales purchase more tokens
The burn rate of the largest mematocane in the industry increased drastically after the market saw an astonishing increase in trading volume at the address of Shiba Inu whales. An unnamed retail whale seized over 300 billion SHIB, which could have increased the number of tokens burned on the network.
As Shibburn suggests, 170 million SHIB tokens have been burned, which is a 250% increase since yesterday. The rising number of burned coins correlates with the price increase of the asset on the market.
Over the past 50 days, the Shiba Inu has increased its value by more than 50%, attracting the attention of many retail whales, who return to buy a large amount of Shiba Inu tokens, fueling the most recent price increase. can give.
Previously, the release of the Shiba Inu card was the main source of the spiked burn rate on the market as it added a new burning mechanism to the Shiba Inu ecosystem that would burn a small amount of tokens every time someone makes a purchase with the card.
Whales can also become direct contributors to Shiba Inu burns, providing any amount they wish to burn to addresses that are not used by anyone or anything other than discarding “destroyed” tokens.
Unfortunately, Shiba Inu was not able to break through the important resistance level we mentioned previously as the lack of trading volume and inflows into the market sent it back in the flag pattern that guided the price of the token for the last 50 days.
At press time, SHIB trades at $0.0000012 and shows no performance on the market in the last 24 hours.
