The Shiba Inu price has been on a rampage alongside many other cryptocurrencies. Over the past 24 hours, Shiba Inu has increased by about 4.4% amidst significant investor interest. Recent on-chain data points toward the possibility that this rally may be far from over, as key indicators signal sustained enthusiasm for SHIB.

Notably, the SHIB burn rate recently skyrocketed 436% as large-scale holders, or whales, pushed up trading volumes with growing interest in the token amid broader market momentum.

Shiba Inu Burn Rate Surges 436%, Whale Activity Pushes SHIB’s Trading Volumes Higher

According to data from Shibburn, Shiba Inu’s token burn rate surged by 436% over the past 24 hours, resulting in the permanent removal of hundreds of millions of SHIB tokens from circulation. Data shows that 52.3 million SHIB tokens were burned in the past 24 hours.

This significant spike in the SHIB tokens burned in a 24-hour timeframe is actually reflective of the bullish sentiment in the cryptocurrency and is one of the most bullish signals. 

Whale investors are investors who control vast amounts of SHIB (typically hundreds of millions to billions of tokens) and play a significant role in influencing price action, given the large volume of their trades. 

Data from blockchain analytics firm IntoTheBlock (ITB) indicates that the volume of SHIB transactions exceeding $100,000 has reached $294.64 million in the past seven days, which

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Author: Scott Matherson