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Shiba Inu has seen a surge in its burn rate, a contradiction to its price, which is currently in the red. According to Shibburn, a platform that tracks the amount of SHIB tokens burned, the burn rate has increased by 543% in the last 24 hours, despite the SHIB price dropping by 4.5% in the same period.
In an earlier update, Shibburn reported on X that 26,138,334 SHIB tokens were burned in the last 24 hours in six transactions.
However, at press time, this amount of SHIB burned within a 24-hour time frame had increased to 46,601,160 SHIB compared to the figure of 14 million SHIB burned in the prior day.
Major cryptocurrencies began the week lower as investors remained anxious about the Bitcoin price decrease, seemingly decreasing their exposure to the broader market in anticipation of lower prices.
Shiba Inu, the second-largest dog-themed cryptocurrency by market value, declined 4.17% in the last 24 hours to $0.00000911, matching the broader market trend.
Shiba Inu has steadily decreased since reaching highs of $0.0000125 on Dec. 16, bringing it to a critical demand zone between $0.000009 and $0.00001, which might dictate its short-term price movement.
Shiba Inu sees 175% on-chain spike
Shiba Inu (SHIB) has seen an increase in on-chain activity in the last 24 hours, as some of the token's largest holders, or whales, have transferred considerable sums of SHIB to multiple destinations.
Tomiwabold OlajideAccording to data from blockchain analytics company IntoTheBlock, the volume of large transactions involving SHIB worth $100,000 or more has surged by 175.23% in the last 24 hours.
The volume of these large transactions increased from 344.65 billion SHIB on Jan. 20 to 940.41 billion on Jan. 21.
Alex Dovbnya
Gamza Khanzadaev
Dan Burgin