Shiba Inu Whale Shifts 4 Tln SHIB As Community Burns 13 Mln Coins, What’s Happening?

Shiba Inu, the self-proclaimed Dogecoin killer, once again echoed a sense of frenzy across the broader crypto market on Friday, as the token recorded significant whale activity recently. Notably, the colossal SHIB whale transfer that took place today garnered substantial attention among crypto market fanatics following its emergence amid a price drop noted by the token.

Moreover, in the midst of a price slump noted by the token, the Shiba crypto community also made efforts to boost up the SHIB tokenomics. Meanwhile, in light of the previous statement, the community witnessed a remarkable burning saga, with roughly 13 million coins burnt.

Whale Reshuffles SHIB As Burn Rate Jumps 20%

According to the data revealed by Whale Alert, a platform facilitating on-chain metrics, the SHIB token registered a significant whale transfer today, December 29. Furthermore, as per the data, a whopping 4.25 trillion SHIB got shuffled between two unknown wallets.

Following on-chain metrics, the unknown wallet, 0x72c3f4fc…fa8d75d719, was noted, shifting the aforestated amount to another unknown wallet, 0xe28310e2…1affaa372c. Moreover, the number of coins moved between the two totaled $44.90 million, propelling further speculations.

Meanwhile, amid the massive whale chronicle, the token also witnessed an intriguing burning phenomenon. As per data unveiled by Shibburn, a platform offering SHIB burning insights, the Shiba crypto community incinerated a whopping 13.14 million coins today, December 29. Furthermore, with the community burning such notable amounts of SHIB, the burn rate appears to have noted a remarkable upswing.

Following the aforestated transfer of tokens to a dead wallet, the SHIB burn rate jumped 22.43% as of writing.

Also Read: Bitfinex Expects A 100% Jump In Overall Crypto Market Cap In 2024

Shiba Inu Price Slips

The Shiba Inu price portrayed a slight fall of 1.65% over the past 24 hours and is currently trading at $0.00001065. Moreover, this downward momentum was further accompanied by a market cap plunge of 1.61%, reaching $6.27 billion.

In addition, even the trading volume witnessed a substantial 16.52% decrease and is currently at $159.30 million.

However, with the token making significant advancements, the prices within the market are expected to be bolstered soon. Simultaneously, with the noteworthy whale activity, followed by a surge in the burn rate, sentiments orbiting around SHIB are gradually catapulting toward bullish.

Also Read: Elon Musk’s X Faces Legal Woes As US Judge Dismisses Content Moderation Plea

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