Shiba Inu Burn Rate Jumps 800% High As ETH Whales Top-Up SHIB Holding

Just One Transaction Burns 21M Shiba Inu in 24 Hours
Just One Transaction Burns 21M Shiba Inu in 24 Hours

Shiba Inu [SHIB] remained on the sidelines while the cryptocurrency community focused on significant updates to Ethereum and Cardano. As a result of Ethereum whales pushing the meme coin back into the spotlight, the meme coin again appears to be taking off. Unfortunately, it looks like the whales were on a shopping spree, as the entire market was painted red.

As per the data curated by WhalesStats, Shiba Inu was one of the top ten most purchased crypto assets by the 500 largest Ethereum whales in the last 24 hours. Furthermore, the asset appears to have been a popular choice among the top 100 whales as well.

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As seen in the chart above, SHIB took fourth place after Ethereum and popular stablecoins. The average quantity of SHIB held by these whales was 119,450,852,849.

Shiba Inu has long been famous among Ethereum whales. Adding to the trend, these whales were buying the asset while it was down nearly 5%. SHIB was trading for $0.00001100 at the time of publication, down 4.21 percent on the day.

However, the asset appears to have seen a 1 percent increase in the last hour. Some speculate that Ethereum whales may be attempting to boost the asset’s price with their latest purchase.

Related also: Shiba Eternity Download Date Has Been Made Official With $5,000 Prize by Shiba Inu Game

Large Increment Records In Shiba Inu Burn Rate  

This year, Burns has taken center stage in the crypto-verse. However, the Shiba Inu community is unquestionably at the forefront of this. Unlike other projects, the network’s community members have been drifting in to carry out burns.

This process appears to have gained traction recently, with the burn rate reaching three-digit and even four-digit levels at times. Shiba Inu had a positive 24-hour burn rate of 719.80 percent at the time of publication, according to Shibburn. In the last few hours, approximately 126,196,946 SHIB tokens were sent to a dead wallet.

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Given the interest Shiba Inu has massively received, there’s a high probability that it is likely to continue.

Related article: App Store Users Rate Shiba Inu Game “Shiba Eternity” 4.9 Out of 5