'Dogecoin Killer' Shiba Inu Spikes 6%, As Burn Rate Explodes By 16,856%

Shiba Inu SHIB/USD has spiked on a positive CPI data print alongside a significant surge in its burn rate.

What Happened: The burn rate spiked 16,856% in the past 24 hours, with one single transaction burning 225.6 million coins. Around 2.4 million coins were burned in two other separate transactions.

SHIB has also seen significant whale movements, with around 600 billion SHIB, worth $13.7 billion, transferred from Robinhood to an unknown wallet on Thursday. The wallet now holds 3.4 trillion SHIB, worth $78.2 million, making it the exchange's second-largest holding.  Additionally, Coinbase transferred 9 trillion SHIB, including 5.55 trillion SHIB, worth $126.6 million.

Crypto trader Coach K Crypto drew parallels between the current scenario and the bull run from September to April 2021, writing that a “FULL BULL” is coming soon.

Also Read: Dogecoin, Shiba Inu Continue To Drive High Trading Volume, Report Finds

Why It Matters: IntoTheBlock data noted large transaction volume surging by 171%, alongside a 72.5% increase in daily active addresses. Transactions greater than $100,000 multiplied from 153 transactions on June 10 to 436 transactions on June 11.

An on-chain analytics account pointed out that around 10 wallets deposited 4.29 trillion SHIB, worth $97.3 million to Coinbase. These ten wallets accumulated Shiba Inu at two different times in history, in September 2021 and March 2024. Their average entry is at $ 0.00001309.

If the wallets chose to sell all the SHIB at current price levels, the profit would be more than $41.2 million.

Shiba Inu marketing lead Lucie pointed to a Forbes article that called Shiba Inu "beyond cute." The article added that Shiba is not just a pretty face or joke, but a great example of how meme coins are developing real utility, and are even setting the technological pace for other digital currencies.

Price Action: Over the past 24 hours, SHIB is up 6%.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: This Shiba Inu ‘Super Big Winner’ Whale Is Already Up $120M But Still ‘Buying Crazily:’ 715B SHIB In 6 Hours

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