Shiba Inu (SHIB) ignites the market, with a burn rate of 3,894%
Nairobi (CoinChapter.com) - The burn rate of Shiba Inu (SHIB) has increased significantly. The burn rate surged by 3,894%, significantly reducing the token supply. Tracking platform Shibburn reports that 4,829,147 SHIB tokens have been burned in the past 24 hours. This dramatic increase in the burn rate coincides with an increase in whale buying activity.

Whale activity drives burn rates
Most of the burn came from a single wallet address named "0xc55...", which transferred 4.03 million SHIB to an abandoned wallet. This move, along with other smaller burns, highlights the efforts of the SHIB community to cut the circulating supply. During the same period, two whales purchased more than $35 million worth of SHIB. Nine whale wallets spent a total of $35.2 million to purchase 1.356 trillion SHIB at an average price of $0.00002596.

These actions have fueled traders’ hopes for a potential SHIB rally. Enthusiasm within the crypto community is palpable, with many believing that a reduction in supply could drive up the token’s value.

Is the Shiba Inu reaching its all-time high?
Shiba Inu (SHIB) is currently trading at $0.00002562, down 0.81% from the previous day. The market cap is $150,977,446,930, reflecting a growth of 0.55%, ranking 11th. In the past 24 hours, SHIB's trading volume reached $570,669,619, a significant increase of 36.37%, ranking 17th. The volume-to-market cap ratio is 3.77%.

Although $0.00003 is below its all-time high of $0.00008845 reached in October 2021, continued whale activity and ongoing burning could push SHIB past its all-time high. In addition, Shiba Inu’s team is working to prevent fraudulent activity in its ecosystem. It urges users to remain vigilant following the recent attack on the Shibarium Layer-2 scaling solution.

The SHIB community remains optimistic. The increase in the burn rate and whale activity could indicate a positive trend for Shiba Inu that could lead to a significant price increase.
Overall, Shiba Inu's recent surge in burn rates and a notable uptick in whale activity have injected new optimism into the SHIB community. 4,829,147 SHIB tokens burned in 24 hours, coupled with over $35 million in whale purchases, highlight the potential for a major price rally. Although the token is currently trading below its all-time high, continued burns and whale interest could drive up its value in the future.