Self-proclaimed 'Dogecoin (CRYPTO: DOGE) killer' Shiba Inu (CRYPTO: SHIB), experienced a significant uptick in its token burn rate, surging by over 400% in just 24 hours.
What Happened: The increase in burn rate corresponds to a removal of 18 million SHIB tokens from the circulating supply, Shibburn, a Shiba Inu burn rate tracker reported.
Data from Shibburn shows three anonymous entities have transferred a combined total of 16 million SHIB to an irretrievable "dead wallet".
This comes after the Securities and Exchange Commission (SEC) approved exchange-traded funds (ETFs), notable Ethereum (CRYPTO: ETH) whales have increased their holdings in SHIB.
One particularly large transaction involved a crypto whale acquiring 136.86 billion SHIB tokens, valued at approximately $1.38 million when the transaction was recorded. The funds were moved from the cryptocurrency exchange Binance to a private decentralized wallet.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Meanwhile, blockchain analytics firm LookOnChain has reported that over the past month, $24.15 million worth of SHIB has been withdrawn from Binance.
A fresh whale wallet accumulated 136.86B $SHIB(1.38M) 30 mins ago.
— Lookonchain (@lookonchain) January 11, 2024
In the past month, $BTC has increased by 9.78%, $ETH has increased by 16.09%, while $SHIB has only increased by 4.86%.
And 4 whales have accumulated a total of 2.39T $SHIB ($24.15M) from exchanges in the past... pic.twitter.com/NKLz8AhGfV
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