Shiba Inu Burn Rate Skyrockets 850% In A Day — SHIB Becomes Most Traded Token Among Top Ethereum Whales

The self-proclaimed “Dogecoin DOGE/USD killer,” Shiba Inu SHIB/USD, experienced an 850% surge in its burn rate within the span of just 24 hours. 

What Happened: Data obtained from Shibburn reveals that over 1 billion SHIB tokens were permanently removed from circulation during this period.

This development follows the revelation of a massive transaction involving 4.6 trillion SHIB tokens, equivalent to $38.39 million, migrating from the Bitvavo crypto exchange to an unidentifiable wallet. Notably, this is not an isolated incident, as a similar transfer of 4.6 trillion SHIB tokens (worth around $38.70 million) occurred just one day prior, involving two undisclosed wallets.

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Why It Matters: These substantial token movements have coincided with the introduction of Shibarium, an Ethereum-based layer-2 blockchain. 

Furthermore, data provided by Whalestats noted that SHIB has emerged as the most traded token among the top 100 Ethereum whales.

Price Action: At the time of writing, SHIB was trading at $0.00000789, down 4.19% in the last 24 hours, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Drop After Vitalik Buterin Transfers ETH Worth $1M To Coinbase: Analyst Warns BNB Is Casually Dragging Down Entire Crypto Market

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