Shiba Inu Token Burn Surpasses 61M As Whales Multiply Net-Flow By Over 275% In 7 Days

Shiba Inu SHIB/USD has seen a 65% increase in its burn rate, with over 61 million of its tokens burned in the last 24 hours. 

What Happened: The spike in burning activity comes as Shiba Inu whales continue to accumulate SHIB tokens, indicating their growing interest in the digital asset at its current price.

According to data from IntoTheBlock, the inflow of large participants into the SHIB market has exceeded the outflows, suggesting that whales are finding the current SHIB price appealing. 

The report further revealed that the net flow of tokens held by large holders has surged by an astonishing 275% over the past week. As of our press time, this metric indicated a positive reading of 145.7 billion SHIB tokens, indicating a substantial buying bias in the market.

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Why It Matters: Burning refers to the intentional and permanent removal of a certain amount of tokens or coins from circulation within a cryptocurrency ecosystem. The purpose of burning is to reduce the total supply of the cryptocurrency, which can potentially increase its scarcity and value. 

In another development, Shiba Inu’s Shibarium announced a new partnership with the Italy-based fast food franchise, Welly. The collaboration aims to leverage blockchain technology to enhance the dining experience for customers. 

Price Action: At the time of writing, SHIB was trading at $0.0000072, up 1.02% in the last 24 hours, according to Benzinga Pro.

Photo by Dennis Diatel on Shutterstock

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