Shiba Inu, one of the most prominent meme coins functioning atop the Ethereum blockchain, marked a tempest of strides on Wednesday following a colossal surge noted by the token’s burn rate. Notably, as per on-chain data unveiled by Shibbrun, a platform facilitating SHIB burning insights, the meme coin’s burn rate surged over 27000%, garnering noteworthy attention among crypto market enthusiasts globally.

Meanwhile, the token also appears to have noted a significant whale accumulation, as per data hovering over the crypto horizon. Simultaneously, Shiba Inu’s market charts portrayed remarkable gains, amassing bullish sentiments for the token.

SHIB Burn & Whale Activity Report

In accordance with the data revealed by Shibburn, the Shiba crypto community noted a phenomenal 27510% upswing in its burn rate over the past 24 hours, with a staggering 9.35 billion SHIB incinerated as of Wednesday, January 10. Furthermore, the total number of coins burnt from the token’s initial supply is now estimated to be 410.70 trillion, fueling additional inferences among crypto market traders. Aligning with this, even the weekly burn rate soared 2278.29% while writing, mirroring the colossal burn.

Meanwhile, amid the aforementioned burning saga, the token jotted down a critical burn transaction, shifting a whopping 9.35 billion SHIB to a dead wallet. This massive transfer appears to be majorly responsible for the enormous upswing in the SHIB burn rate, nabbing significant attention globally.

On the other hand, a massive whale accumulation also appears to have piqued the global crypto market’s interest. According to on-chain insights offered by Lookonchain, a fresh whale was registered, accumulating 1.44 trillion SHIB from Binance and Gate. 

Concerning this, the address 0xF633Cd…3493Bbac was observed accumulating the previously stated amount in a series of five transactions. Concurrently, the number of coins withdrawn totaled $13.36 million while writing.

Also Read: Shytoshi Kusama Unveils .SHIB Domain To Boost Web3 Interoperability

Shiba Inu Price Springs

As of writing, the Shiba Inu price showcased a jump of 1.38% over the past 24 hours and currently rests at $0.000009516. Moreover, the meme coin’s market cap illustrated a hop of 1.27%, further accompanied by a trading volume surge of 65.25%.

In conjunction with this, market sentiments orbiting Shiba Inu are taking an exciting turn. The surge in burn rate, additionally escorted by an increase in on-chain activity, appears to be propelling bullish thoughts on the token.

Also Read: US SEC Behind Spot Bitcoin ETF Approval Mix-Up: Bloomberg Analyst

The post Shiba Inu Burn Rate Jumps 27510% Amid Soaring SHIB Whale Accumulation appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am