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.
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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.