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In the last 24 hours, Shiba Inu's burn rate has surged by an astonishing 4,100%, with a total of 21,709,094 SHIB tokens permanently removed from circulation.
According to the Shibburn X account, 21,709,094 SHIB were burned in the last 24 hours, marking a 4,100.35% surge in the daily burn rate. A single massive burn of 21,088,148 SHIB performed within the last 24 hours contributed to this.
This massive spike in token burns is a positive sign for the Shiba Inu community, contributing to the reduction of its total supply.
Tomiwabold OlajideDespite this remarkable burn rate, the price of Shiba Inu has experienced a sharp decline, plunging by nearly 11% in the same 24-hour period. This drop in value comes amid a broader market sell-off that has seen a staggering $711 million in cryptocurrency liquidations. The market-wide downturn has affected numerous digital assets as investors react to recent macroeconomic concerns.
Shiba Inu skyrockets 2,004% in whale moves
Shiba Inu prices have fallen in tandem with the broader crypto market. At the time of writing, SHIB was down 10.43% in the last 24 hours to $0.00002168.
Meanwhile, Shiba Inu (SHIB) has seen a 2,004% surge in large transaction volume over the last 24 hours, pointing to massive whale activity. This sudden spike suggests that whales, or large holders, are making substantial moves as the market faces a sell-off.
Large transactions, typically defined as those exceeding $100,000, have been on the rise. According to IntoTheBlock, their volumes have amounted to 34.42 trillion SHIB, or $751.22 million, in the last 24 hours. This indicates that large holders are either accumulating or redistributing their SHIB holdings.
This kind of activity often points to strategic moves by whales, who may be positioning themselves ahead of anticipated market developments or reacting to underlying market conditions.
According to the official Treat X account, the countdown is toward Jan. 14, with less than a week to go to this date.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Dan Burgin
Vladislav Sopov