Shiba Inu Burn Surges as DOGE and SHIB Whale Transactions Soar: Report
Release: 2024/07/26 14:21 Reading: 714
Shiba Inu Burn Rate Skyrockets, Large Whale Activity Soars
Shiba Inu's burn rate has spiked by an impressive 117.97% in the past week, resulting in the permanent removal of 187,332,748 SHIB tokens from circulation.
On Monday, large whale transactions in Shiba Inu surged to a substantial $37.57 million, far exceeding the increase seen for Dogecoin.
Despite the surge in whale activity, both Shiba Inu and Dogecoin prices have been facing challenges, reflecting the prevailing bearish market conditions.
The Shiba Inu (SHIB) token continues to generate significant interest due to its high burn rates. According to data from Shibburn, 4,509,826 SHIB tokens were burnt in the last 24 hours, representing a substantial 92.15% decrease. Notably, the burn rate exhibited a remarkable 117.97% increase over the previous week. This has contributed to the burning of a significant number of SHIB tokens from circulation.
As the market experiences a correction following the weekend rally, whales have displayed heightened activity in their transactions involving meme coins such as SHIB and DOGE. This has led to a notable increase in large whale transactions for both cryptocurrencies at the start of the week.
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