The Shiba Inu (SHIB) token has been garnering attention with its significant burn rates. Data from Shibburn revealed that 4,509,826 SHIB tokens were burnt in the last 24 hours, showing a massive 92.15% decrease. However, the burn rate increased by 117.97% in the previous week. This has led to the burning of 187,332,748 SHIB tokens from the circulation pool.
As the market correction occurs after the weekend rally, the whales are quite active with their transactions in the meme coins, including SHIB and DOGE. This has resulted in a high increase of the large whale in the transactions of Dogecoin and Shiba Inu at the start of the week.
Data from the well-known analytical platform IntoTheBlock reveals that Shiba Inu has experienced a substantial surge in large whale transaction volumes, surpassing Dogecoin. On Sunday, the volume was only $10.18 million (558.73 billion SHIB), but by Monday, it had soared to $37.57 million (2.14 trillion SHIB).
Transactions of Dogecoin also substantially increased, with large volumes spiking by 49.78% in just one day. The number of significant transactions worth $100K or more rose from 1,030 on Sunday to 1,310 on Monday. The total transaction volume for Dogecoin increased from $921.39 million to $1.38 billion. As of press time, DOGE is trading at $0.1246, showing a 6.43% decline in the past day.
Shiba Inu Burn Rate Surges by 482.88% in 24 HoursShiba Inu followed this trend, with the total number of transactions over $100,000 increasing from 30 to 75 within the same period. Still, the price of Shiba Inu is struggling against the bearish market like Dogecoin. SHIB is hovering at $0.00001637 at the time of writing, marking a significant drop of 5.23% in the last day.
As the burn rate of SHIB rises and whale transactions increase, the market waits for price changes and the involvement of more investors. Meanwhile, the rise in large whale transactions indicates renewed interest from significant investors, often preceding broader market trends. The substantial increase in transaction volumes suggests that these major players see potential in Shiba Inu and Dogecoin, betting on a price recovery or future gains.
