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- Shiba Inu's burn rate surged by 117.97% last week, with 187,332,748 SHIB tokens permanently removed from circulation.
- Large whale transactions in Shiba Inu soared to $37.57 million on Monday, significantly higher than Dogecoin's increase.
- Despite the surge in whale activity, Shiba Inu and Dogecoin prices struggle, highlighting bearish market conditions.
The Shiba Inu (SHIB) token has been garnering attention with its significant burn rates. Data from Shibburn revealed that 4,509,826 SHIB tokens were burnt in the last 24 hours, showing a massive 92.15% decrease. However, the burn rate increased by 117.97% in the previous week. This has led to the burning of 187,332,748 SHIB tokens from the circulation pool.
As the market correction occurs after the weekend rally, the whales are quite active with their transactions in the meme coins, including SHIB and DOGE. This has resulted in a high increase of the large whale in the transactions of Dogecoin and Shiba Inu at the start of the week.