SHIB Slides as Burn Rate Soars 468,000% Amid Whale Activity

SHIB dropped 7% this week after strong April price gains. SHIB burn rate surged 468,000%, reducing supply to boost value. Whale transactions increased, but daily active wallets slightly declined. The cryptocurrency market stayed mostly quiet over the weekend, with top coins like Bitcoin, Ethereum, Solana, and Shiba Inu (SHIB) seeing small price drops. Among them, Shiba Inu, one of the most popular memecoins, fell nearly 9% in the past week. The price dropped from around $0.000015 to $0.000012, raising concern among some investors after its impressive rally from April lows of $0.000010. SHIB On-Chain: Big Token Burns and Whale Moves On-chain data is showing interesting activity. According to Shibburn, around 19.05 million SHIB tokens were burned in the last 24 hours — sending the burn rate up by more than 468,968%. This burn mechanism, launched in 2022, is aimed at cutting down the total supply to help boost prices over time. So far, over 410 trillion SHIB tokens have been burned, with about 589 trillion still in circulation. Source: Shibburn Whale Holdings Remain Strong Despite Mixed User Metrics Data from IntoTheBlock shows other changes. Th… The post SHIB Slides as Burn Rate Soars 468,000% Amid Whale Activity appeared first on Coin Edition .

Source: Coin Edition