Self-proclaimed ‘Dogecoin DOGE/USD killer' Shiba Inu SHIB/USD, experienced a significant uptick in its token burn rate, surging by over 400% in just 24 hours.
What Happened: The increase in burn rate corresponds to a removal of 18 million SHIB tokens from the circulating supply, Shibburn, a Shiba Inu burn rate tracker reported.
Data from Shibburn shows three anonymous entities have transferred a combined total of 16 million SHIB to an irretrievable “dead wallet”.
This comes after the Securities and Exchange Commission (SEC) approved exchange-traded funds (ETFs), notable Ethereum ETH/USD whales have increased their holdings in SHIB.
One particularly large transaction involved a crypto whale acquiring 136.86 billion SHIB tokens, valued at approximately $1.38 million when the transaction was recorded. The funds were moved from the cryptocurrency exchange Binance to a private decentralized wallet.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Meanwhile, blockchain analytics firm LookOnChain has reported that over the past month, $24.15 million worth of SHIB has been withdrawn from Binance.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
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