Shiba Inu’s burn rate has skyrocketed by approximately 2800%, resulting in the destruction of over 8 million SHIB tokens. In a surprising move, the popular trading platform Robinhood transferred more than 600 billion SHIB to an undisclosed wallet.
Despite a 4.23% decrease in Shiba Inu’s price, the meme coin witnessed a remarkable 2,800% increase in its burn rate over the last 24 hours, eliminating nearly 8 million tokens from circulation. A significant portion of this amount was burned in a single transaction roughly 21 hours ago.
The burning process is aimed at reducing Shiba Inu’s extensive token supply and potentially boosting its value through scarcity. Data from the Shibburn tracker indicates that around 7,912,388 SHIB tokens were burned in the past day, bringing the total burn to 410 trillion SHIB tokens from the initial supply.
Despite the surge in burning activity, SHIB’s price continues to decline, dropping by 4.7% in the previous day and 6% over the week. This price movement aligns with the broader market trend that saw Bitcoin (BTC) dip to $67,044 and Ethereum (ETH) hover around $3,500.
Currently, Shiba Inu is trading at $0.00002214 with a market cap of $13.04 billion. Moreover, SHIB’s daily trading volume has increased by over 21% in the last 24 hours, reaching $582 million.
In response to the recent price decline of SHIB, Whale Alert, a blockchain tracking system, highlighted a significant transaction involving Robinhood. On June 10, Robinhood transferred 600 billion SHIB, valued at $13.7 million, to an undisclosed wallet. Initially labeled as unknown, the recipient’s wallet was later identified as belonging to the American trading platform, now holding 3.4 trillion SHIB worth $78.2 million, making it the platform’s second-largest holding.
Despite these market movements and developments, the enthusiasm for Shiba Inu within the crypto community remains strong, underscoring the enduring interest in meme coins.
