Shiba Inu Token Burn Surges Over 27,500% in 24 Hours

Unprecedented Increase in 'Dogecoin Killer' SHIB's Token Burn Rate

In a remarkable turn of events, Shiba Inu (SHIB), self-proclaimed as the 'Dogecoin Killer,' has experienced an astounding surge of over 27,500% in its token burn rate within the last 24 hours.

Massive Token Removal

A staggering 9 billion SHIB tokens have intentionally been withdrawn from the circulating supply, as reported by Shibburn, a dedicated Shiba Inu burn tracker.

Entities Move Tokens to 'Dead Wallet'

Data reveals that two undisclosed entities executed a strategic move, transferring 9.5 billion and 30 million SHIB tokens to a 'dead wallet.' This intentional action effectively removes these tokens from circulation.

Whale Activity Skyrockets

Simultaneously, blockchain analytics platform IntoTheBlock highlights a 1,300% surge in large transactions by SHIB whales over the past 24 hours. These substantial 'whale transactions,' involving at least $100,000 worth of SHIB, have seen a notable increase to a total of 62, with the combined volume reaching a staggering 9.38 trillion SHIB, equivalent to nearly $89.88 million.

Shiba Inu's Ambitious Internet Invasion

The developments come amidst Shiba Inu's lead developer, Shytoshi Kusama's announcement of a collaboration with @D3inc to apply for the .shib Top-Level Domain (TLD). Kusama envisions this move as a gateway to expand the .shib domain, allowing users to host websites, blogs, online stores, send/receive emails and digital assets, claim usernames on Web3 platforms, and authenticate identities online.

Current SHIB Price

As of now, SHIB is trading at $0.0000094, reflecting a 1.16% decrease in the last 24 hours, according to Benzinga Pro.

While the surge in token burn and whale activity may capture attention, it's essential to monitor the sustainability of Shiba Inu's initiatives and their impact on the market. Investors should approach with caution, considering the volatile nature of the cryptocurrency space.