Shiba

Burn

Bitcoin

Optimism

Shiba Inu

<ul>
 <li>Shiba Inu’s burn rate surged around 2800% and burned over 8 million SHIB tokens.</li>
 <li>Robinhood, a popular trading platform, moved over 600 billion SHIB to an unknown wallet.</li>
</ul>
Despite a 4.23% drop in Shiba Inu’s price, the memecoin displayed a 2,800% rally in its burn rate over the past 24 hours, removing nearly 8 million tokens from circulation. More than half of this amount was burned in a single transaction about 21 hours ago.
The burning mechanism will help Shiba Inu reduce its extensive supply and bring up potential <a href="https://thenewscrypto.com/shiba-inu-team-recommends-fhe-to-boost-privacy-in-shib-ecosystem/" target="_blank" rel="noopener noreferrer nofollow">value growth</a> through scarcity. Data from the Shibburn tracker reveals that about 7,912,388 SHIB tokens were burned in the last 24 hours. That leading to a total burn of 410 trillion SHIB tokens from the initial supply.
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="350" height="303" src="https://thenewscrypto.com/wp-content/uploads/2024/06/image-53.png" alt="" class="wp-image-100481" srcset="https://thenewscrypto.com/wp-content/uploads/2024/06/image-53.png 350w, https://thenewscrypto.com/wp-content/uploads/2024/06/image-53-300x260.png 300w" sizes="(max-width: 350px) 100vw, 350px">
 <figcaption class="wp-element-caption">Shiba Inu (SHIB) Burn Rate (Source: <a href="https://www.shibburn.com/" target="_blank" rel="noopener noreferrer nofollow">Shibburn</a>)
 </figcaption>
 </figure>
</div>
Despite the burn surge, SHIB’s price <a href="https://thenewscrypto.com/shiba-inu-shib-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">remains declining</a>, plummeting by 4.7% in the past day and 6% over the week. The price of Shiba Inu follows the same suit of global market corrections that saw Bitcoin (BTC) dip to as low as $67,044, while Ethereum (ETH) trades around the $3,500 mark.
At the time of writing, Shiba Inu traded at $0.00002214 with a market cap of $13.04 billion. Additionally, SHIB’s daily trading volume climbed over 21% in the last 24 hours to $582 million.
<h3 class="wp-block-heading" id="h-shiba-inu-whales-on-the-move">Shiba Inu Whales on the Move</h3>
Drawing attention to the recent decline in SHIB price, the on-chain tracking and analytics system, <a href="https://whale-alert.io/transaction/ethereum/0x9740d0bd62f8c543cc8b59f0d5f60d88636e616aafed8e0e031c7e5aefbb18a3" target="_blank" rel="noopener noreferrer nofollow">Whale Alert</a>, highlighted a significant transaction related to the Robinhood movement. On June 10, Robinhood transferred a 600 billion SHIB, valued at $13.7 million at the time of disclosure, to an unknown wallet address.&nbsp;
The wallet was initially labeled as <a href="https://thenewscrypto.com/shiba-inu-whales-accumulate-trillions-of-shib-tokens-price-to-rally/" target="_blank" rel="noopener noreferrer nofollow">unknown</a> by Whale Alert; later, it was identified and revealed that the recipient’s wallet belonged to the American trading platform. This wallet now holds 3.4 trillion SHIB, amounting to $78.2 million and standing as its second-largest holding.
Despite these shifts and developments, the fervor surrounding Shiba Inu within the crypto community shows no signs of fading, emphasizing the enduring interest in the memecoin market.
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Shiba Inu Burn Rate Spikes 2800% Amidst SHIB Price Decline

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