Shiba Inu, one of the most prominent meme coins functioning atop the Ethereum blockchain, echoed a sense of frenzy across the broader crypto market on Tuesday, following a significant surge in burn activity recorded. On-chain data spotlighted by Shibburn showcased a whopping 459% surge in the SHIB burn rate, nabbing substantial attention globally.
Moreover, this upswing appears to be shadowing an enormous SHIB transfer to a dead wallet, as per data by Etherscan. This transfer seems to be an effort by the Shiba community to offer aid to the SHIB tokenomics.
SHIB Burn & Whale Activity: A Closer Look
According to the data put forth by Shibburn, the Shiba Inu burn rate surged 459% in the past 24 hours, with a staggering 146.26 million SHIB incinerated on January 23. This colossal amount appears to have caught the eyes of crypto market enthusiasts globally, portraying significant advancements showcased by the Shiba crypto community.
Furthermore, as per the data highlighted by the Shiba crypto community, the transfer to a dead wallet, showcasing 100 million SHIB incinerated, was facilitated by the ShibDreamNFT collection. This further marked a tempest of strides, aiding the SHIB tokenomics.
Meanwhile, the total number of coins burned from SHIB’s initial supply is now evaluated as 410.708 trillion. However, the meme coin’s price is still facing a notable downturn.
Intriguingly, amid this ongoing chronicle, a SHIB whale transaction also surfaced across the broader crypto market. As per on-chain data by Whale Alert, a whopping 4.27 trillion SHIB was moved between unknown wallets. This further birthed additional inferences for the token.
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Shiba Inu Price Tumbles
As of writing, the Shiba Inu price portrayed a fall of 2.71% over the past 24 hours and is currently trading at $0.000009013. Moreover, its price chart showcased further declines over the past week, plunging 6.08%. In addition, even the monthly charts displayed a substantial 15.96% fall, curating bearish sentiments across the crypto horizon.
However, with the continued surge in the burn rate, the Shiba community hopes to see bolstered prices soon. Moreover, with the significant whale activity coming to light, traders see heightened on-chain activity for the token, hinting at a possible price action shift shortly ahead.
Also Read: BTC Price Drops Over 20% Under $40,000 After Bitcoin ETF Approval
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