The enormous burn rate is associated with the anticipated return of whales and the debut of the Layer-2 blockchain technology Shibarium in early 2023.
Shiba Inu whales appear to be returning to the community, either buying large numbers of SHIB or sending them directly to the burn address.
The enormous burn rate is associated with the anticipated return of whales and the debut of the Layer-2 blockchain technology Shibarium in early 2023. Volatility has also increased in recent days, indicating that the SHIB price may begin to rise.
According to the Shibburn website, 302,506,518 Shiba Inu (SHIB) tokens were burned in the last 24 hours, representing an increase of 13,198% over the previous day's burn. Only 5 transactions to reduce Shiba Inu tokens from the circulating supply resulted in the enormous spike in the SHIB burn.
This month's burn rate has increased significantly, making the spike in the last 24 hours even more noteworthy. Whales have sold Shiba Inu during the bear market. However, whales appear to be returning to the community, either buying large numbers of SHIB or sending them directly to the burn address.
A Shiba Inu address sent 297,290,339 SHIB tokens to the burn address in an effort to limit the enormous supply of the crypto industry's top meme coin. According to the Etherscan data, the whale is also selling other coins to null addresses.
SHIB Army anticipates the release of Shibarium in early 2023 after receiving signals from core developer Shytoshi Kusama and the official Twitter handle of the Shiba Inu ecosystem.
Shiba Inu ecosystem tokens SHIB and BONE increased by more than 5% on Friday owing to whale piling amid Shibarium launch rumors in early 2023.
Whales tracking platform WhaleStats reports that SHIB is among the top ten tokens purchased in the last 24 hours by the largest Ethereum whales. On December 29, a whale purchased 862,364,719,323 SHIB tokens from Bitvavo. The whale moved all of his SHIB holdings to a new address, which now holds over 3 trillion SHIB tokens.
The price of SHIB is currently trading at $0.000008045, down 1% in the last 24 hours. Due to New Year's Eve, trading volume has also decreased in the recent 24 hours.
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