“Dogecoin Killer” Shiba Inu’s Burn Rate and Whale Transactions Increase: What’s Going On?

Shiba Inu SHIB/USD is trading 8% higher in the last seven days, supported by optimism, burn rates and whale transactions.

What happened: According to Shibburn data, Shiba Inu's burn rate increased by 7,168%, with one transaction burning 6.9 million SHIB coins and another burning 1 million SHIB coins. Both transactions took place approximately 23 hours ago.

Lucie, Shiba Inu's marketing director, hinted at a new groundbreaking project in her latest X post: “Something big is coming!” She added that there is a lot of speculation about what it could be – ShibMarketplace, Shibahub or Treat or a whole new world.

In another post today, Lucie suggested that crypto coins should stop chasing exchanges and that “DeFi is the way.” Instead, she believes in taking responsibility for holders and learning how to use a DeFi wallet, familiarize yourself with blockchain basics, and protect your valuable tokens with a hard wallet.

Also Read: “Dogecoin Killer” Shiba Inu’s Burn Rate Rises 772%, Shytoshi Kusama Accelerates Pace: “This Requires Funds”

Why it matters: With an 8% increase over the past week, data from Arkham Intelligence shows that holdings in Robinhood's wallet have increased from around 44 trillion SHIB as of June 25 to 47.2 trillion SHIB.

Data from IntoTheBlock shows a 171.5% increase in large transaction volumes and an 18% decrease in daily active addresses. The number of transactions over $100,000 increased from 25 to 61 in a single day.

The Shibarium Scan data reflected an increase in daily transactions from 3,960 to 7,530 in a single day, while new contracts increased from 2 to 16 over the same period.

What's next?: The influence of meme coins is expected to be explored in depth at Benzinga's upcoming Future of Digital Assets event on November 19th.

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