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Shiba Inu Burn Rate Increases 13,000% Amid Whales Moving 11 Trillion SHIB

Shiba Inu, the self-proclaimed Dogecoin killer, is creating quite a stir in the cryptocurrency space following its colossal surge in token burning.

Furthermore, according to recent data revealed by Whale Alert, one of the world’s leading crypto tracking platforms, a series of colossal whale transactions has caught the attention of investors and traders as it recently transferred more than 10 trillion tokens from today, November 7th. , 2023.

Subsequently, amidst the constant burning and reallocation of SHIB tokens, the price of Shiba Inu has seen a marginal increase over the past seven days and today’s price has seen a slight jump.

Shiba Community Burns Tokens Amid Price Rise

According to recent data from Shibburn, 173 million SHIB tokens were burned in the last 24 hours. The burn rate of SHIB has seen a phenomenal increase and has increased by 12,840.60% at the time of writing.

The aforementioned token burn reflects the positive sentiment surrounding the SHIB token economy. The Shiba Inu crypto community appears to be improving the SHIB tokenomics by reducing the total tokens available for supply.

Shiba Inu (SHIB) price, at the time of writing, has seen a marginal increase and is up 3.91% in the last twenty-four hours, reaching $0.000008367. Furthermore, the token has seen a marginal increase of 5.12% in the last seven days.

The rise in the meme coin’s price appears to be in line with recent strides made by the community to improve the SHIB tokenomics.

Also Read: Cathie Woods’ Ark Invest Buys Block Inc. Shares, But Drops Grayscale’s GBTC

Whales Transferring Billions of SHIB Tokens

According to the data revealed, as of today, November 7th, a staggering 2.4 trillion SHIB tokens have been transferred from an address, 0x9acbb72c…9c6a9c3311, called Paribhu, to an unknown wallet, 0xa23cbcdf…65885be3f5.

Furthermore, in a series of whale transactions around Shiba Inu, more than 10 billion tokens have been transferred to date, following the Shib community’s efforts to improve the SHIB tokenomics.

To date, a staggering 4.4 billion SHIB tokens have been transferred from Bitvavo, a cryptocurrency exchange, to an unknown wallet, 0x5c21d705…d05d59f201.

Furthermore, another whale movement caught the attention of cryptocurrency enthusiasts, transferring 4.4 billion SHIB tokens from one unknown wallet to another. The unknown wallet, 0x3ba943c7…225e6dabee, transferred SHIB tokens to another unknown wallet, 0x0259ca48…52d2b3064f, on Bitvavo.

The total number of SHIB tokens transferred in the last twenty-four hours reaches over 10 trillion, reflecting the positive sentiment across the broader crypto market.

The aforementioned transactions involving mass movements of SHIB whales appear to arise as a result of the Shiba Inu community’s support for its token. Furthermore, the Shiba crypto community has also been constantly burning SHIB tokens in hopes of improving the SHIB tokenomics.

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Coinbase Jumps 7% Ahead of Earnings

The stock price of Coinbase (COIN), one of the biggest crypto exchange in the world, is up 7.3% today ahead of an earning calls at 17:30 GMT-4.

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MultiversX launches strategic partnership with Google Cloud to advance AI and Big Data ambitions in the Web3 world

During an extensive conversation on stage at the xDay Conference, which featured several representatives from leading technology companies, government officials and influential experts, Beniamin Mincu, CEO of MultiversX, and Daniel Rood, Director of Web3 EMEA at Google Cloud, they just announced that they are joining. forces to accelerate the expansion of Web3.

MultiversX’s sharded architecture is capable of scaling over 100,000 transactions per second and has lately been the first choice as a backend solution for real-world applications in various fields. Due to its industry-wide innovations around token standards and smart accounts, MultiversX has been the platform of choice for Europe’s first institutional marketplace for digital assets and for Audi’s platform for virtual reality in cars, holoride, among others.

To help Web3 projects and users gain valuable insights from powerful data analytics and AI tools, BigQuery, Google Cloud’s serverless data warehouse with a built-in query engine, has completed MultiversX network integration. This has the potential to immediately speed up the execution of large-scale, data-first blockchain projects.

“There are exciting opportunities that allow Web3 developers to build and scale faster, and as we explore new verticals in the space, our partnership with MultiversX will allow us to expand our strategy and reach further and solidify our position as a key driver of innovation in the blockchain world.” added Daniel Rood, Director of Web3 EMEA

Additionally, Google Cloud’s participation in the MultiversX network allows ecosystem creators to leverage the full suite of advanced tools and services available on the platform to deliver high performance and scalability to the non-blockchain components of their dApps.

With a strong focus on ecosystem development, the collaboration between the two industry leaders had its first joint initiative at the xDay Hackathon, where hundreds of developers and startups benefit from up to $1 million in prizes and funding, while Google Cloud is the main partner of the Artificial Intelligence track.

“We are excited to introduce this collaboration as part of a strategic plan that aims to expand our ecosystem and provide important opportunities for users and developers. MultiversX is in a unique position with great potential for accelerated growth, and the additional products and services offered by Google Cloud are a key contribution to this.” said Beniamin Mincu, CEO of MultiversX

Google Cloud’s plans to expand to Web3 are one of many pioneering examples in its long history of supporting innovation and technological advancement. Lines of collaboration with MultiversX in the coming months will continue to explore deeper integration and support from the MultiversX network, as well as new ways to help startups grow and scale.