Benzinga - The self-proclaimed “Dogecoin (CRYPTO: DOGE) killer,” Shiba Inu (CRYPTO: SHIB), experienced an 850% surge in its burn rate within the span of just 24 hours.
What Happened: Data obtained from Shibburn reveals that over 1 billion SHIB tokens were permanently removed from circulation during this period.
This development follows the revelation of a massive transaction involving 4.6 trillion SHIB tokens, equivalent to $38.39 million, migrating from the Bitvavo crypto exchange to an unidentifiable wallet. Notably, this is not an isolated incident, as a similar transfer of 4.6 trillion SHIB tokens (worth around $38.70 million) occurred just one day prior, involving two undisclosed wallets.
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy’
Why It Matters: These substantial token movements have coincided with the introduction of Shibarium, an Ethereum-based layer-2 blockchain.
Furthermore, data provided by Whalestats noted that SHIB has emerged as the most traded token among the top 100 Ethereum whales.
Price Action: At the time of writing, SHIB was trading at $0.00000789, down 4.19% in the last 24 hours, according to Benzinga Pro.
Read Next: Bitcoin, Ethereum, Dogecoin Drop After Vitalik Buterin Transfers ETH Worth $1M To Coinbase: Analyst Warns BNB Is Casually Dragging Down Entire Crypto Market
Join Benzinga’s Future of Digital Assets in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.