Shiba Inu Coin (SHIB) is leading the meme crypto price rally as investor sentiment towards the market turns positive. Over the past seven days, the price of SHIB has increased by 23%, while Dogecoin (DOGE) has increased by about 20% over the same period. To get ahead of the Shiba Inu price, SHIBA Army is actively burning more of his SHIB tokens.
Are whales still interested in Shiba Inu coins?
WhaleStats reports that Shiba Inu Coin has flipped wrapped Bitcoin (WBTC) to become the most traded token among the top 100 Ethereum (ETH) whales. Shiba Inu also landed on the list of the top 10 cryptos bought by the biggest his ETH whales in the same period.
Digging in, we can see that the Shiba Inu token is among the top 10 tokens used by the 100 largest whales by trading volume. But these whales now hold his SHIB tokens worth $81 million.
Will the burn rate push up the SHIB price?
The community’s proactive response to reduce the circulation of Shiba Inu coins from the market is gradually working. According to data provided by Shibburn, SHIB’s burn rate has surged by a whopping 500% in the last 24 hours. SHIBArmy burned approximately 11.8 million of his SHIB tokens to accomplish this feat.
On the market side, Shiba Inu prices have surged by about 12% over the past 24 hours. At the time of writing, the average price of SHIB is $0.000010. His 24-hour trading volume on SHIB surged 81% to $640 million.
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