⚠️ATTENTION: Shiba Inu Burn Rate Jumps 3,500% as Over 500 Million SHIB Are Destroyed
Shiba Inu's burn rate surged by 3,484% in the past 24 hours, removing over 537 million SHIB tokens from circulation. This sharp rise in token burns has pushed SHIB’s price up by 4%, bringing its market capitalization to over $7.2 billion — a notable rebound after a recent 10% drop amid broader market volatility linked to geopolitical tensions.
Key highlights:
• A single wallet (ending in ...2019a) burned over 500 million SHIB, according to data from Shibburn.
• SHIB futures open interest also increased by more than 4%, reaching $141.85 million, signaling growing bullish sentiment in the market.
Whale activity drops sharply
Despite the rising burn rate and price uptick, large SHIB holders appear to be retreating. Data from IntoTheBlock shows a 65% drop in large transaction volume within 24 hours. Wallets holding at least $100,000 worth of SHIB have reduced activity significantly.
Just last week, on June 6, large transactions peaked at 17.63 trillion SHIB. That figure has since dropped to 948.59 billion SHIB, indicating whales are reducing exposure. This trend could pose downside risks if not offset by continued high burn activity and renewed investor interest.
