‘Dogecoin Killer’ Shiba Inu Burn Rate Surges 1600% As Whale Moves $46M Worth SHIB

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Self-proclaimed Dogecoin DOGE/USD killer' Shiba Inu SHIB/USD layer-2 solution Shibarium burn rate is up 1600% in a single day as 131 million SHIB were permanently removed from circulation.

What Happened: According to Shibburn, a platform dedicated to tracking the tokens burn rate, two significant transactions contributed to this surge one removing 123 million SHIB and another 2.5 million SHIB from circulation.

The Shiba Inu ecosystem has also observed substantial movements by SHIB whales. On Monday, a transaction involving a SHIB whale transferring SHIB tokens valued at $46 million to an unidentified wallet came under the spotlight.

Cryptocurrency analyst Ali Martinez said last week, Since November, theres been a massive withdrawal of over 8 trillion $SHIB from known crypto exchange wallets thats valued at approximately $88 million!

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Shibariumscan, SHIBs blockchain explorer, reported a consistently high volume of transactions. Since December 1, Shibarium, Shiba Inu layer-2 solution, has been handling over five million transactions daily.

Notably, the last 24-hour period saw Shibarium record over 7.53 million transactions.

Data from IntoTheBlock reveals that over 21% of holders are in profit at the current price, while 21% are breaking even. Over, 58% are currently facing losses.

Price Action: At the time of writing, SHIB was trading at $0.000010, down 1.16% in the last 24 hours, according to Benzinga Pro.

Image via CryptoFX on Shutterstock

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