Shiba Inu Burn Rate Accelerates By 3,000%, Will It Impact Price?

The meme coin currently under the spotlight for its token-burning campaign hit a new burn rate high this Monday. Shiba Inu, the dog crypto, burned close to 200 million coins within the last 24 hours. According to SHIB Burn data, the burn rate of Shib tokens has spiked by about 3000% in the space of 1 day. Furthermore, most of the tokens sent to Shiba Inu’s burn wallet are from individual whale accounts. This burn initiative has taken off big since the beginning of this month. More than 500 million tokens went out of circulation in the first week. At this rate, it is possible the burn rate might hit 5000% in a few days. Related Reading: Solana (SOL) Heats Up 7% In Last 24 Hours As Helium Eyes Merge Whale Accounts Invest Massively In Shiba Inu Even as the Shiba Inu tokens burn rate skyrockets, the token is drawing massive investments from individual whale accounts. Last weekend, two whales took up positions worth millions in the Shiba Inu ecosystem. The first one bought 702 billion SHIB coins costing close to a whopping $8.7 million. Another whale, in a first-time transaction, purchased 541 billion tokens worth almost $7 million, according to Ethescan.io data. Nonetheless, the newest whale on Shiba Inu continues to be anonymous, one of the benefits of decentralized finance. Will The Increased Burn Rate Have Any Effect On SHIB Price? As the number of tokens burned on the Shiba Inu protocol spikes, will it positively affect the pr...