In recent hours, Shiba Inu (SHIB), the self-proclaimed “Dogecoin killer,” has caught the attention of the cryptocurrency market due to a notable increase in its token burn rate.
According to burn rate tracker Shibburn, in just 24 hours, the SHIB burn rate has seen a staggering 210% increase, resulting in the removal of 16 million SHIB tokens from the circulating supply.
The information reveals that three anonymous entities have jointly transferred 16 million SHIB to an irretrievable “dead wallet.”
This move coincides with the Securities and Exchange Commission’s (SEC) approval of exchange-traded funds (ETFs), and with reports suggesting that Ethereum whales have increased their holdings.
One notable development includes a massive transaction in which a cryptocurrency whale acquired 136.86 billion SHIB tokens, valued at approximately $1.38 million at the time of the transaction.
Shib tokens moved from Binance platform to private decentralized wallet
Meanwhile, blockchain analytics firm LookOnChain has reported that, in the last month, $24.15 million in SHIB has been withdrawn from Binance, suggesting significant activity in the market.
A fresh whale wallet accumulated 136.86B $SHIB(1.38M) 30 mins ago.
In the past month, $BTC has increased by 9.78%, $ETH has increased by 16.09%, while $SHIB has only increased by 4.86%.
And 4 whales have accumulated a total of 2.39T $SHIB ($24.15M) from exchanges in the past… pic.twitter.com/NKLz8AhGfV
— Lookonchain (@lookonchain) January 11, 2024
Additionally, the official Lookonchain account shared data on the accumulation by four whales in the last month.
These whales have acquired a total of 2.39 billion, equivalent to $24.15 million, directly from exchanges.
Among them, the whale with address 0x03A6 recently accumulated 136.86 billion from Binance, while another whale with address 0xF633 acquired 1.44 billion in the last 3 days from Binance and Gateio.
It is interesting to note that, despite a positive month for Bitcoin and Ethereum with increases of 9.78% and 16.09%, respectively, SHIB’s growth has been more modest, standing at 4.86%.
The recent activity in Shiba Inu indicates significant movements in both token burning and accumulation by whales.
Regulatory support from the SEC and continued interest from Ethereum whales suggest that SHIB remains an attractive asset in the competitive world of cryptocurrencies.
Investors and enthusiasts will need to keep an eye on how these events develop in the coming weeks.
