Shib burn increased by over 30x

Popular memecoin Shiba Inu (SHIB) has lost a staggering 3000 percent in the past 24 hours. Crypto analyst Santiment emphasizes that the recent positive signs in whale transactions and token circulation have re-ignited interest in the Shiba Inu, despite the significant drop in market value. Whale transactions hit their highest level in three months.

In a striking development, the Shiba Inu (SHIB) has experienced a staggering 3197.58 percent burn rate in the last 24 hours, causing 472,351,642 SHIB tokens to disappear. Despite the recent burning, the Shiba Inu (SHIB) price is currently at $0.00000758. This is significantly lower than the all-time high of $0.00008845 reached two years ago on October 28, 2021. In the last 24 hours, SHIB has experienced the range of $0.000007536 to $0.00000779, which indicates a relatively stable trading range. However, the market value of the Shiba Inu faced a slight decline. Its current market cap is $4,469,406,075, down 2.00 percent from the previous period.

This transaction had a profound impact on the price and market value of the Shiba Inu, according to data from Santiment. Shib is slowly regaining the attention of traders after experiencing a slight 8 percent price jump over the weekend. Despite the drop in market value, there are other encouraging indicators in the Shiba Inu ecosystem. Santiment highlights the positive signs seen in whale transactions and circulation of SHIB tokens.

Shib lead developer Shytoshi Kusama announced last week that the Shibarium mainnet version and Worldpaper will arrive in August. Following that, Bone ShibaSwap (BONE), the Shib layer-2 blockchain Shibarium gas token, rose more than 35.49 percent last week. CoinGape reports that Shibarium, a highly anticipated project associated with the popular SHIB token, will be a never-before-seen burning mechanism that promises to burn trillions of dollars in SHIB tokens.