The Shiba Inu burn rate has surged by 807%, sparking lively discussions in the crypto community. Over the past 24 hours, 20.5 million SHIB tokens have been removed, marking one of the most aggressive supply-reduction efforts in recent history.
What's Happening with Shiba Inu?
The sudden spike in Shiba Inu's burn rate has captured the attention of many investors. According to Shibburn, over 20.5 million tokens were removed in 24 hours, potentially increasing their value due to reduced supply. However, the weekly burn rate has dropped by 94.6%.
History of Shiba Inu Burn Rate
The Shiba Inu burn story began in 2021 with Vitalik Buterin's involvement when he destroyed 90% of his holdings, reducing the supply by 410 trillion tokens. Despite this significant reduction, the current circulating supply exceeds 584 trillion tokens. New burning efforts continue through Shibburn and other initiatives.
Market Impact and Whale Activity
Alongside the burn rate surge, interest from major investors, known as 'whales,' has increased. Current data indicates that large players are beginning to accumulate SHIB. A recent $444,000 token purchase caught attention for potential price appreciation plans.
With the sharp rise in Shiba Inu burn rate and increasing whale activity, the market wonders if this marks the start of long-term growth or a temporary spike in interest. Shiba Inu is at a critical juncture, determining its future prospects.
