Crypto Whales Accumulate 2.39 Trillion SHIB in a Month as Burn Rate Skyrockets

Crypto Whales Accumulate 2.39 Trillion SHIB in a Month as Burn Rate Skyrockets

Time Stamp: January 12, 2024 8:35 PM
Source Node: 3059173

A cryptocurrency whale has recently sent a whopping 136.8 billion tokens of the meme-inspired cryptocurrency Shiba Inu ($SHIB) to a newly created wallet, at a time in which SHIB’s burn rate has been increasing significantly.

According to on-chain analysis service Lookonchain, a newly created whale wallet accumulated the 136.8 billion tokens worth over $1.38 million earlier this week, shortly after the community-driven cryptocurrency project incinerated 9.35 billion tokens as its burn rate skyrocketed by more than 28,600%.

According to Lookonchain data, a total of four whales have accumulated 2.39 trillion tokens from cryptocurrency exchanges in the past month, including one whale that accumulated 1.44 trillion tokens in just three days. Those accumulating SHIB, per the service, including TRON founder Justin Sun, who added 577 billion tokens to his wallet.

These movements came at a time in which the price of the meme-inspired cryptocurrency has been dropping significantly, as SHIB lost around 5% of its value so far this year, and is up just around 7% over the past 12 months, compared to Bitcoin’s over 170% rise during the same period.

It also comes at a time in which the burn rate of the meme-inspired cryptocurrency keeps on surging, with several days seeing burn rate increase in the triple digits. The burn rate is rising at a time in which Shiba Inu’s team has partnered with domain firm D3 Global was announced, allowing users to acquire .shib domains.

<!--
Not in use
--> <!--
Not in use
-->

The partnership sees Shiba Inu become one of the first decentralized projects to partner with D3 to pursue a top-level domain via the  Internet Corporation for Assigned Names and Numbers (ICANN). Some other networks have their own native addresses, with Ethereums’ ending in .eth.

Last month, SHIB unleashed an inferno on its tokens after a staggering 8.6 billion SHIB tokens sent for permanent deletion. This represented a remarkable 160,598% increase from the previous day’s burn rate.

Shiba Inu’s community burns tokens by moving them to addresses that no one controls – so-called dead addresses – to remove them from circulation and effectively reduce its available supply on the market. If met with stronger demand, the price could theoretically rise as a result.

Some analysts believe that Shiba Inu’s price could rise as adoption grows, and as such the team behind the project has been moving forward with partnerships to allow SHIB’s utility to grow.

Shiba Inu was recently one of the cryptocurrencies delisted from Uphold Canada, along with rival meme-inspired cryptocurrency Dogecoin (DOGE), Cardano (ADA), and a number of other cryptocurrencies.

Featured image via Pixabay.

Time Stamp:

More from CryptoGlobe