The Shiba Inu memecoin continues its upward trajectory supported by whale transactions and burn mechanisms.
Large Shiba Inu Transactions Are Skyrocketing
According to IntoTheBlock data, SHIB transactions by whales have surged by 565% in the last day. The transaction count reached 1,440, with the volume amounting to $551 million, equivalent to 21.11 trillion SHIB tokens.
Influence of SHIB Burn on Price Momentum
Shibburn data reveals an 1837.49% increase in the SHIB burn rate, with 463,450,468 SHIB tokens burned in 24 hours. This includes a major burn of 412,144,084 tokens. The burn process helps raise prices by lowering supply.
S.H.I.B Proposal by Shytoshi Kusama
Shytoshi Kusama proposed the Strategic Hub for Innovation in Blockchain (S.H.I.B) to Elon Musk's call for suggestions in Donald Trump's administration. The proposal aims to establish a 'Silicon Valley of Crypto' and strengthen U.S. digital tech leadership.
The increased whale activity and successful token burn strategy continue to drive Shiba Inu's price upward, setting the stage for further growth in this memecoin.
