Shiba Inu (SHIB) 700% Whales Activity Surge to Become Lifesaver for Meme Coin

Shiba Inu has become a point of focus once again, but not for the right reasons, unfortunately. Instead, SHIB has been demolished during the recent cryptocurrency bull run, failing to rebound after a critical technical breakdown.

Timeline of Shiba-inu

On Thursday morning, the cryptocurrency market registered further losses, witnessing a decline in Bitcoin (BTC), Ethereum (ETH), and smaller altcoins. At the time of reporting, Bitcoin had incurred a 2.82% decrease while Ethereum showed a 4.50% decline.

In the midst of a significant downturn in the cryptocurrency market, Shiba Inu (SHIB) has witnessed an astonishing surge in its burn rate, soaring to an unprecedented 3,963.36% in the last 24 hours, according to data from Shibburn. This surge comes as 1.22 million SHIB tokens were burned, impacting the current circulating supply, which now stands at 581.01 trillion tokens.

Shiba Inu (SHIB) has lost its hard-earned zero as the broader digital currency ecosystem took a major hit, sending Bitcoin (BTC) and altcoins to multi-week lows. Shiba Inu comes off as one of the worst hits this period with its price currently down by 8.88% in the past 24 hours to $0.000009672.

The burn rate of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has recently surged by more than 300% over the last 24-hour period after more than 12.4 million tokens were burned in a total of 31 transactions.

The crypto market recently experienced a significant liquidation of $500 million, triggered by a surge in the “sell the news” sentiment after Bitcoin faced challenges around the $45,000 mark. Consequently, Bitcoin's decline towards $40,000 led to a substantial sell-off in the altcoin sector, with meme coins not being an exception.

In a startling turn of events, the Shiba Inu token (SHIB) has plunged to a new monthly low, shedding a staggering 22% in the past two hours. As a result, the SHIB price has stagnated at $0.0000094 per token, adding zero value amid a $500 million crypto market bloodbath.

Shiba Inu (SHIB) has started the year on an impressive footing concerning its burn rate, which has soared as high as 2,552.62% in the past 24 hours. Based on the burn rate, a total of 129,716,497 SHIB have now been sent to dead wallets with contributions from multiple wallets.

Shiba Inu, one of the most popular meme coins in the cryptocurrency realm, appears to have gained significant traction this week as the token recently embarked on a coin-burning venture. According to numerous reports by CoinGape Media over the past week, the token seems to have noted a colossal upswing in its burn rate, fueling

According to the data provided for the public by the Shibariumscan explorer, Shibarium has smashed a ground-breaking new milestone as it total number of transactions continues to increase.

Shibburn wallet tracker has spotted an extensive increase in the Shiba Inu burn rate metric after several hundred million SHIB meme coins have been transferred out of the circulating supply.