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According to the figures shared by the prominent blockchain tracker Shibburn, since last morning, one of the key metrics of the meme cryptocurrency SHIB has demonstrated a massive decline.
The same is happening in the SHIB market at the moment.
SHIB burns crash together with price
In a recently published tweet, the aforementioned data tracker shared that over the past 24 hours, the daily SHIB burn rate has shown a decline of 73.43% with less than a million SHIB torched in total -724,556 meme coins.
Meanwhile, the price of the second largest meme cryptocurrency by market capitalization size, SHIB, has dropped by almost 6%, losing the $0.00001700 level and currently changing hands at $0.00001597.
However, the updated figures on the SHIB burn website have revealed that just recently an anonymous whale has burned an impressive 13,000,911 SHIB, lifting the burn rate to 403.41%.
This SHIB decline is mirroring that of Bitcoin as the world’s bellwether cryptocurrency has dropped by 2.64%, providing SHIB and other altcoins with a price trajectory to follow. Bitcoin has fallen from $98,000 and has hit $95,460 where it is trading as of this writing.
Yuri MolchanNew whale grabs 290.4 billion SHIB
Earlier today, the @lookonchain analytics account revealed that a new SHIB whale was born after that newly-setup wallet accumulated 290.4 billion Shiba Inu on the world’s largest cryptocurrency trading platform Binance.
That amount of meme coins was valued at $4.84 million. Aside from SHIB, the whale also purchased 97,111 AVAX worth $2.52 million on the same crypto exchange. The whale took advantage of the massive price declines in the market and bought the dips, adding more coins to their wallets.
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