January 12, 2024 4:20 AM | 1 min read
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Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer’ Shiba Inu (CRYPTO: SHIB), experienced a significant uptick in its token burn rate, surging by over 400% in just 24 hours.
What Happened: The increase in burn rate corresponds to a removal of 18 million SHIB tokens from the circulating supply, Shibburn, a Shiba Inu burn rate tracker reported.
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Data from Shibburn shows three anonymous entities have transferred a combined total of 16 million SHIB to an irretrievable “dead wallet”.
This comes after the Securities and Exchange Commission (SEC) approved exchange-traded funds (ETFs), notable Ethereum (CRYPTO: ETH) whales have increased their holdings in SHIB.
One particularly large transaction involved a crypto whale acquiring 136.86 billion SHIB tokens, valued at approximately $1.38 million when the transaction was recorded. The funds were moved from the cryptocurrency exchange Binance to a private decentralized wallet.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Meanwhile, blockchain analytics firm LookOnChain has reported that over the past month, $24.15 million worth of SHIB has been withdrawn from Binance.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
“Start 2024 Strong With 3 Hot Stock Ideas – Practically Free”
Ready for your shot at the next potential 32%, 39% or 45% gains in today’s market? You’re about to miss Stock Expert Gianni Di Poce’s 3 latest stock ideas… Ones that could shift your entire wealth-building journey. If you’re ready to start 2024 strong with 12 hot stock ideas every single month. ACT FAST.
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