Shiba Inu Burn Rate Soars 108%, But Whale Activity Declines

• SHIB burn rate surged 108% this week, removing nearly 100M SHIB, signaling community efforts to reduce supply despite market uncertainty.
• SHIB’s whale-tier trading volumes have dropped, potentially limiting the token’s short-term rally due to reduced large transactions.
• Despite price gains and rising derivatives trading volume, SHIB faces ongoing volatility, with long-term growth uncertain for 2024.

The Shiba Inu (SHIB) community has increased SHIB burns. The burn rate has increased by an impressive 108.73% over the past week, with nearly 100 million SHIB removed from circulation. However, concerns linger about SHIB’s future momentum due to decreased whale activity and limited short-term buying power.

SHIB Burn Rate Hits 108% Growth

The weekly burn rate for SHIB, the second-largest meme cryptocurrency, has seen remarkable growth. A total of 95,442,500 SHIB tokens were transferred to d…

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