Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer' Shiba Inu (CRYPTO: SHIB), has witnessed an increase of over 27,500% in its token burn rate within the past 24 hours. 

What Happened: A total of 9 billion SHIB tokens have been purposefully removed from the circulating supply.

Data provided by Shibburn, a Shiba Inu burn tracker shows that a pair of undisclosed entities moved 9.5 billion and 30 million SHIB to a “dead wallet,” effectively pulling these tokens out of circulation. 

Meanwhile, blockchain analytics platform IntoTheBlock has revealed a 1,300% rise in large transactions by SHIB whales in the last 24 hours.

Such “whale transactions,” that hold at least $100,000 worth of SHIB, have escalated to a count of 62. The aggregated volume of these transactions has soared to 9.38 trillion SHIB, translating to nearly $89.88 million.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: This comes as Shiba Inu’s lead developer Shytoshi Kusama in a tweet on Wednesday said, “We're working with @D3inc to #InvadeTheInternet by applying for the .shib TLD. This will enable us to engage with infrastructure utilized by 5.3 billion people across the globe.” 

Price Action: At the time of writing, SHIB was trading at $0.0000094 down 1.16% in the last 24 hours, according to Benzinga Pro.