‘Dogecoin Killer’ Shiba Inu Burn Rate Skyrockets 2,289%, As Unknown Whale Hoards $14M In SHIB By Benzinga

March 19, 2024 John Dogecoin 0

© Reuters. ‘Dogecoin Killer’ Shiba Inu Burn Rate Skyrockets 2,289%, As Unknown Whale Hoards $14M In SHIB

Benzinga – by Khyathi Dalal, Benzinga Staff Writer.

The ‘Dogecoin Killer’ Shiba Inu (CRYPTO: SHIB) is back on track with its surging burn rates, and some traders are accumulating the meme coin, reflecting positive investor sentiment.

What Happened: According to data from Shibburn, Shiba Inu currently boasts a 2,889.5% burn rate. A single transaction saw 167.6 million SHIB tokens burned, while two other transactions burned 16.7 million and 10 million tokens, respectively.

Separately, on-chain data provider The Data Nerd revealed details about a whale that created seven new wallets and transferred 71.55 SHIB tokens, worth $2.05 million, from Coinbase to each wallet. This amounts to a total accumulation of 500.9 billion SHIB tokens, worth $14.35 million.

By spreading the tokens across different wallets, the whale appears to be minimizing security risks. This move comes shortly after an unknown wallet address transferred three trillion SHIB tokens, worth $50 million, to a wallet named after Robinhood in early March.

Price Action: Although Shiba Inu is currently trading around 4% lower, it recently witnessed a surge, nearly reaching $0.00003. This comes despite a 17% drop over the past seven days.

Also Read: Why Can’t Dogecoin And Shiba Inu Keep Up With Other Meme Coins?

Why It Matters: IntoTheBlock data shows that the volume of large transactions increased by approximately 38% to 363.17 million SHIB, while transactions exceeding $100,000 rose from 718 on March 16 to 789 on March 17.

Shiba Inu’s official Twitter handle posted a cryptic tweet featuring a short video of a Shiba Inu replacing the iconic bat symbol from the DC movie Batman.

In another update, Shiba Inu’s marketing lead, Lucie, generated excitement within the community by hinting at major plans for the upcoming TREAT token. “Can’t wait for the next sneak peek. ShibTheMetaverse has huge plans and treats for Shib are a big part of it,” she tweeted.

TREAT is a multi-purpose token within the Shiba Inu ecosystem, designed to provide rewards for SHIB: The Metaverse, among other functions.

Despite the recent dip in value, Shiba Inu continues to trend in Google searches across 10 countries, with the meme coin’s search interest reaching its highest point in two years.

Read Next: ‘Dogecoin Killer’ Shiba Inu Burn Rate Defies Market Action With 933% Surge, Daily Active Addresses Spike By 8%

Image: Dennis Diatel/Shutterstock

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