'Dogecoin Killer' Shiba Inu Burn Rate Skyrockets 2,289%, As Unknown Whale Hoards $14M In SHIB

The ‘Dogecoin Killer’ Shiba Inu SHIB/USD is back on track with its surging burn rates, and some traders are accumulating the meme coin, reflecting positive investor sentiment.

What Happened: According to data from Shibburn, Shiba Inu currently boasts a 2,889.5% burn rate. A single transaction saw 167.6 million SHIB tokens burned, while two other transactions burned 16.7 million and 10 million tokens, respectively.

Separately, on-chain data provider The Data Nerd revealed details about a whale that created seven new wallets and transferred 71.55 SHIB tokens, worth $2.05 million, from Coinbase to each wallet. This amounts to a total accumulation of 500.9 billion SHIB tokens, worth $14.35 million.

By spreading the tokens across different wallets, the whale appears to be minimizing security risks. This move comes shortly after an unknown wallet address transferred three trillion SHIB tokens, worth $50 million, to a wallet named after Robinhood in early March.

Price Action: Although Shiba Inu is currently trading around 4% lower, it recently witnessed a surge, nearly reaching $0.00003. This comes despite a 17% drop over the past seven days.

Also Read: Why Can’t Dogecoin And Shiba Inu Keep Up With Other Meme Coins?

Why It Matters: IntoTheBlock data shows that the volume of large transactions increased by approximately 38% to 363.17 million SHIB, while transactions exceeding $100,000 rose from 718 on March 16 to 789 on March 17.

Shiba Inu’s official Twitter handle posted a cryptic tweet featuring a short video of a Shiba Inu replacing the iconic bat symbol from the DC movie Batman.