- Shiba Inu (SHIB) burn rate surged more than 3800%.
- Recent SHIB whale transactions show positive signs, reaching the highest level since April.
Shiba Inu (SHIB), the popular meme coin, has experienced an astounding surge in its burn rate, leading to the removal of a staggering number of tokens from circulation. According to data from Shibburn, the burn rate of SHIB skyrocketed by more than 3,800% on July 10, resulting in the permanent elimination of 508,958,446 SHIB tokens.
Shiba Inu’s burn rate surges amidst mounting excitement for Shibarium’s public launch, which is confirmed to take place in August at the Blockchain Futurist Conference in Toronto, Canada.
Shiba Inu (SHIB) Burn Rate (Source: Shibburn)
At the time of writing, the SHIB burn rate had climbed over 2688% by sending 59,98,46,344 SHIB to dead wallets. Despite a recent slowdown in the burning rate over the past week, the current spike has reignited interest in the project.
Shiba Inu (SHIB) Market Cap Shrinks
Shiba Inu (SHIB) is currently priced at $0.00000760, a decrease of over 91% from its previous all-time high of $0.00008845, which was recorded on October 28, 2021. Also, the meme coin sees a marginal decrease in market capitalization; currently valued at $4.47 billion, resulting in a lower ranking of 19th place.
But still, positive signs in whale transactions and token circulation have caught the attention of market observers. Whale transactions have reached their highest level in three months, further fueling renewed interest in SHIB.
The tweet from Santiment revealed that 14 separate whales transferred over $1 million as of July 6. Further, Shiba Inu continues to generate buzz and intrigue within the meme coin community.
Shiba Inu (SHIB) Price Chart (Source: Tradingview)
Also, the price of Shiba Inu soared over 0.66% in a day and 11% in a month. Further, the Shiba Inu moving average (MA) indicates the short-term pullback.
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