According to Shibburn, nearly 1 billion SHIB tokens were burned last week, in an important development for the cryptocurrency market. A surprising total of 915,371,832 Shiba Inu (SHIB) tokens were burned in 139 transactions during this period, highlighting a notable milestone for the token ecosystem. However, the latest data points to a decrease in the daily burn rate with only 1,233,806 Shiba Inu (SHIB) tokens burned in the last 24 hours, representing a significant loss of 91.59%.
The Shiba Inu (SHIB) token burning is a deflationary mechanism used by the cryptocurrency to reduce the overall supply and potentially increase the value of the remaining token. The past week also witnessed a landmark legal victory for the cryptocurrency industry that had a direct impact on market sentiment and price movements. The ruling in the Ripple case, brought by the US Securities and Exchange Commission (SEC), marks the first victory for a cryptocurrency company against the regulator. This groundbreaking decision created shock waves in the market and caused an increase in cryptocurrency prices.
Amid these monumental events, the resurfacing of a prominent Shiba Inu (SHIB) whale caught the attention of industry participants. Having been dormant for an impressive 610 days, this particular whale holds a massive chunk of Shiba Inu (SHIB) tokens, which is estimated to be around 10.15% of the total supply. According to blockchain analytics firm Lookonchain, this equates to a staggering $756 million worth of Shiba Inu (SHIB) tokens. On July 13, this monumental whale initiated the transfer of 4 trillion Shiba Inu (SHIB) tokens worth approximately $29.8 million to eight newly created addresses. The transaction not only attracted attention, it also raised questions about the future intentions of the Shiba Inu (SHIB) whale. With such an important asset, the actions of this asset can significantly affect the price and market dynamics of the Shiba Inu (SHIB) token.