'Dogecoin Killer' Shiba Inu's Burn Rate And Whale Transactions Are Surging: What Is Going On?

Shiba Inu SHIB/USD is trading 8% higher in the past seven days bolstered by optimism, burn rates and whale transactions.

What Happened: Shiba Inu's burn rate has surged by 7,168% with 6.9 million SHIB coins burned in one transaction and 1 million SHIB in another, according to Shibburn data. Both transactions happened around 23 hours ago.

Lucie, the marketing lead of Shiba Inu, in her latest X post, hinted at a new groundbreaking project: "Something big is coming!" She added that there is a lot of speculation about what it could be — ShibMarketplace, Shibahub or Treat, or a whole new world.

In another post today, Lucie suggested that crypto coins should stop chasing exchanges, and that “DeFi Is The Way.” Instead, she believes in being responsible for the holders and learning how to use a DeFi wallet, getting familiar with the blockchain basics and protecting your precious tokens with a hard wallet.

Also Read: ‘Dogecoin Killer’ Shiba Inu’s Burn Rate Shoots Up 772%, Shytoshi Kusama On Picking Up The Pace: ‘Requires Funds To Do So’

Why It Matters: With an 8% rise over the past week, Arkham Intelligence data shows the holdings in Robinhood's wallet increasing to 47.2 trillion SHIB from around 44 trillion SHIB on June 25.

IntoTheBlock data shows an increase of 171.5% in large transaction volume and a decrease of 18% in daily active addresses. Transactions greater than $100,000 are up from 25 to 61 in a single day.

Shibariumscan data reflected a spike in daily transactions from 3,960 to 7,530 in a single day while new contracts increased from 2 to 16 during the same period.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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• Dogecoin Rallied 4.5%, ‘Dogecoin Killer’ Shiba Inu 8%: What Is Going On?

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