Shiba Inu Burn Rate Skyrockets 730% Over Single Day After Whales Acquire $100M Worth Of SHIB Tokens

Shiba Inu SHIB/USD has experienced a 3% surge in the last 24 hours, surpassing the performance of other notable cryptocurrencies such as Dogecoin DOGE/USD, Pepe Coin PEPE/USD, and Floki FLOKI/USD. 

What Happened: Data from IntoTheBlock shows that large holders of Shiba Inu have acquired over $100 million worth of SHIB tokens in the past week. 

In the last 24 hours, Dogecoin, Pepe Coin, and Floki have experienced price increases of 1.8%, 2%, and 0.30%, respectively.

Over the past week, large holders of Shiba Inu have accumulated roughly $100m worth of $SHIB
💡 Get more on-chain insights: https://t.co/AMOesjUjgJ pic.twitter.com/LoICHZDlAd

— IntoTheBlock (@intotheblock) September 5, 2023

Further data from Shibburn indicates a 730% increase in the SHIB burn rate. In the last 24 hours alone, a staggering 77 million SHIB tokens were removed from circulation.

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Why It Matters: Data from Shibarium explorer shows that the Shiba Inu layer-2 network Shibarium showcases a remarkable milestone as the number of active wallets on the platform crosses the one million mark. Within its relatively short existence, the network has facilitated over one million transactions, generating approximately 472,000 blocks with an average block time of five seconds.

Shytoshi Kusama, the lead developer of Shiba Inu, confirmed the ongoing development of the Burn Portal for the Shibarium protocol. Lucie, the Marketing Strategist of the Shiba Inu ecosystem on X, shared Kusama’s response to a community member’s question on Telegram regarding the burn portal.

Kusama emphasized that the primary focus of the Shibarium team is to drive the adoption and usage of the Shibarium protocol. In the Telegram channel, Kusama wrote, “So let me say this, burns will not and are not the end all be all, we absolutely must increase adoption, but burn portal is in the works.”

Price Action: At the time of writing, SHIB was trading at $0.000007625, up 2.99% in the last 24 hours, according to Benzinga Pro.

Photo by Dennis Diatel on Shutterstock

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