Shiba Inu, often referred to as the ‘Dogecoin Killer,’ is experiencing a significant resurgence, evidenced by a notable increase in token burn rates and accumulation by traders, indicating a positive shift in investor sentiment.
Recent data from Shibburn highlights an astounding 2,889.5% burn rate for Shiba Inu, with significant amounts of SHIB tokens being removed from circulation through burning processes.
Notably, a single transaction resulted in the burning of 167.6 million SHIB tokens, complemented by two other substantial burns of 16.7 million and 10 million tokens, showcasing the community’s commitment to reducing supply.
Adding to the intrigue, The Data Nerd reported on a whale’s strategic actions involving the creation of seven new wallets and the transfer of 71.55 SHIB tokens from Coinbase to each, culminating in a massive accumulation of 500.9 billion SHIB tokens valued at $14.35 million.
This move is seen as a strategy to enhance security and distribute assets more securely, following a significant transfer of three trillion SHIB tokens to a wallet associated with Robinhood earlier in March.
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Despite a recent 4% decline in its trading price, Shiba Inu has shown resilience with a price surge approaching $0.00003, even after experiencing a 17% decrease over a week.
Data from IntoTheBlock indicates a 38% increase in large transaction volumes, with transactions over $100,000 also seeing a rise, suggesting a growing interest in the meme coin.
Shiba Inu’s social media presence remains robust, with cryptic posts and teasers about future developments.
A notable tweet from Shiba Inu’s marketing lead, Lucie, hinted at exciting plans for the TREAT token, integral to the SHIB ecosystem and SHIB: The Metaverse, promising significant utility and rewards.
Despite fluctuations in value, Shiba Inu’s global interest remains high, with Google search trends showing peak interest in the meme coin over two years across ten countries.
This enduring popularity underscores the community’s enthusiasm and speculative interest surrounding Shiba Inu’s future prospects.
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