Recent data shows a notable drop in the SHIB cryptocurrency burning rate, raising investor concerns even as new significant players enter the market.
Rapid Decline in SHIB Burns and Price
According to Shibburn tracker, in the past 24 hours, the SHIB token burn rate has decreased by 73.43%, with 724,556 coins burned in total. This drop was accompanied by a significant price dip, with SHIB's value falling below $0.00001700 to $0.00001597.
Anonymous Whale Boosts Burn Volumes
At the same time, updated data on the SHIB burn website indicated that an anonymous whale burned 13,000,911 SHIB, lifting the burn rate by 403.41%. This occurred as the crypto market saw a general decline, including Bitcoin, which fell to $95,460.
New Whale in SHIB Market
According to @lookonchain analytics, a newly created wallet has accumulated 290.4 billion SHIB, valued at $4.84 million. The same whale also acquired 97,111 AVAX ($2.52 million) on Binance, taking advantage of the market dip.
Despite a significant decline in the burning rate and price, the activity of large SHIB investors offers potential opportunities for recovery and growth.
