A crucial metric for Shiba Inu has seen a notable increase following the burning of millions of SHIB tokens by two unidentified whales.
Since Sunday morning, the Shibburn wallet tracker, widely used among Shiba Inu enthusiasts, has reported a substantial uptick in burn transactions, highlighting a significant increase in this crucial SHIB metric.
The data source specified that these burns were executed by just two anonymous SHIB whales, indicating a concentrated impact from a limited number of holders.
SHIB burns have skyrocketed by over 545
Driven by a significant cumulative transfer of 10,359,000 SHIB meme coins to unspendable blockchain wallets in the last 13 to 16 hours, this surge in burn activity is attributed to actions by two anonymous whales.
There have been a total of four transactions executed by two anonymous wallets. The first wallet, identified by the ending -205b5, burned two batches of SHIB coins: one consisting of 4,559,000 SHIB and another of 3,000,000 SHIB. The second wallet, ending in -eaa40, also burned two equal amounts of 1,400,000 SHIB each. These transactions have notably contributed to the recent increase in SHIB burn activity.
Price performance
After dropping by around 10% last Thursday, Shiba Inu, the second-largest meme coin, has since recovered half of that loss. During this period, there were three attempts to break out. SHIB managed to reach the $0.000001846 level with the third attempt but subsequently faced a 3.9% decline due to market conditions. As of the latest update, SHIB is trading at $0.00001771.
Shytoshi Kusama, known as the lead developer of the Shiba Inu team, responded to an issue involving Crypto.com and the TREAT token. He addressed a warning from the “Shibarmy Scam Alerts” account, which noted that an article on Crypto.com about the TREAT token contained a link leading to a website not affiliated with SHIB or Shibarium. This website was suspected to be created by scammers, causing confusion and concern among the community.
Shytoshi Kusama confirmed the accuracy of the warning post regarding the TREAT token, emphasizing that it is currently in the development phase and has not yet been launched. His statement aimed to remind the global SHIB community to remain vigilant and informed about the status of the TREAT token to avoid potential risks associated with unverified information or scams.
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