- In the last 24 hours, the Shiba Inu army removed 23,823,149 SHIB from the circulating supply in a single transaction.
- The FTX episode and selling by SHIB whales have created selling pressure on the cryptocurrency’s price.
Over the last week, every other cryptocurrency in the market has been hammered due to the FTX crisis unfolding. However, with the start of the new week, memecoin Shiba Inu has come on investors’ radar.
As per the data on the shibburn.com website, there’s a massive rise in the SHIB burn rate by the Shiba Inu army. This suggests that the SHIB supply in the ecosystem is drying up fast and could lead to a strong rally in its price.
In the last 24 hours, the Shiba Inu army removed 23,823,149 SHIB from the circulating supply. As a result, the pace of the burning of the SHIB tokens surged by a staggering 1,064 percent. Also, on-chain data suggests that the total SHIB burnt in the last 24 hours happened through just a single transaction.
This transaction has touched an all-time high of the SHIB burn rate and was nearly 10 times the Shiba Inu burned the previous day. Before the recent spike, the SHIB burn initiatives weren’t doing really well. Over the last week, a record-low amount of SHIB tokens were sent to dead-end wallets.
The reason behind this could be the surge in the bearish market sentiment that has wrapped the crypto space amid FTX turmoil. From being one of the largest crypto exchanges, FTX’s $32 billion valuation turned into ashes in less than a week’s time. The contagion has spread across the crypto market. The broader crypto market has lost more than $200 billion in a week’s time.
Shiba Inu Whales Selling
Despite the burn rate shooting up in the last 24 hours, the SHIB price hasn’t followed. In fact, the SHIB price touched a new 2022-low earlier today at $0.0000091. Another factor behind this could be that whales have been selling SHIB in very large quantities.
Data from the crypto analytics portal WhaleStats, shows that Ethereum whales sold a massive quantity of SHIB in the last two days. The top 100 largest ETH whales still own 8 trillion SHIB coins worth a staggering $73.5 million. It also represents 1.5% of the entire Shiba Inu token offering.
The sentiment around Shiba Inu is not entirely bearish but somewhat neutral. Over the last week, Shiba Inu (SHIB) outperformed its top rival Dogecoin (DOGE) by nearly 30 percent. Also, the memecoin moved ahead of Solana for a very brief period of time.
On the other hand, Shiba Inu developers indicated some activity towards Shibarium, the Layer-2 solution from Shiba Inu. As per the Nansen dashboard, Crypto.com is holding a massive quantity of SHIB coins, more than they own ETH.
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