- Shiba Inu witnesses a 65% surge in token burn, surpassing 61 million tokens.
- Whales are accumulating SHIB tokens at an unprecedented rate, with a 275% increase in holdings.
- Shiba Inu’s Shibarium partners with Welly to revolutionize dining through blockchain tech.
Over the past 24 hours, Shiba Inu (CRYPTO: SHIB) has witnessed a remarkable surge in its token burn rate, with more than 61 million tokens permanently removed from circulation.
What Happened: This surge in burning activity coincides with a notable increase in the accumulation of SHIB tokens by Shiba Inu’s largest investors, signaling a growing interest in the digital asset at its current price.
Data from IntoTheBlock indicates that the influx of significant participants into the SHIB market has outpaced the outflows, suggesting that whales find the current SHIB price quite attractive.
The report also highlights an astounding 275% increase in the net flow of tokens held by major holders over the past week. As of our latest update, this metric registers a positive reading of 145.7 billion SHIB tokens, indicating a significant inclination towards buying within the market.
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Why It Matters: Token burning involves deliberately and permanently removing a specific quantity of tokens or coins from circulation within a cryptocurrency ecosystem. The primary purpose of burning is to reduce the total supply of the cryptocurrency, potentially enhancing its scarcity and value.
In other news, Shiba Inu’s Shibarium has announced a new partnership with the Italy-based fast-food franchise, Welly. This collaboration aims to leverage blockchain technology to enhance the dining experience for customers.
Price Update: As of the current writing, SHIB is trading at $0.0000072, reflecting a 1.02% increase in the past 24 hours.
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.