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25 June 2024
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Shiba Inu Burn Rate Spikes 2800% Amidst SHIB Price Decline

Shiba Inu Burn Rate Spikes 2800% Amidst SHIB Price Decline

  • Shiba Inu’s burn rate surged around 2800% and burned over 8 million SHIB tokens.
  • Robinhood, a popular trading platform, moved over 600 billion SHIB to an unknown wallet.

Despite a 4.23% drop in Shiba Inu’s price, the memecoin displayed a 2,800% rally in its burn rate over the past 24 hours, removing nearly 8 million tokens from circulation. More than half of this amount was burned in a single transaction about 21 hours ago.

The burning mechanism will help Shiba Inu reduce its extensive supply and bring up potential value growth through scarcity. Data from the Shibburn tracker reveals that about 7,912,388 SHIB tokens were burned in the last 24 hours. That leading to a total burn of 410 trillion SHIB tokens from the initial supply.

Shiba Inu (SHIB) Burn Rate (Source: Shibburn)

Despite the burn surge, SHIB’s price remains declining, plummeting by 4.7% in the past day and 6% over the week. The price of Shiba Inu follows the same suit of global market corrections that saw Bitcoin (BTC) dip to as low as $67,044, while Ethereum (ETH) trades around the $3,500 mark.

At the time of writing, Shiba Inu traded at $0.00002214 with a market cap of $13.04 billion. Additionally, SHIB’s daily trading volume climbed over 21% in the last 24 hours to $582 million.

Shiba Inu Whales on the Move

Drawing attention to the recent decline in SHIB price, the on-chain tracking and analytics system, Whale Alert, highlighted a significant transaction related to the Robinhood movement. On June 10, Robinhood transferred a 600 billion SHIB, valued at $13.7 million at the time of disclosure, to an unknown wallet address. 

The wallet was initially labeled as unknown by Whale Alert; later, it was identified and revealed that the recipient’s wallet belonged to the American trading platform. This wallet now holds 3.4 trillion SHIB, amounting to $78.2 million and standing as its second-largest holding.

Despite these shifts and developments, the fervor surrounding Shiba Inu within the crypto community shows no signs of fading, emphasizing the enduring interest in the memecoin market.

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