'Dogecoin Killer' Shiba Inu Burn Rate Spikes Over 5000%: Analyst Points To 'Massive Withdrawal' Of 8 Trillion SHIB From Crypto Exchange Wallets

Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer' Shiba Inu’s (CRYPTO: SHIB), burn rate spiked over 5000% within the past 24 hours. A total of 53 million SHIB tokens have been permanently withdrawn from circulation.

What Happened: According to data from Shibburn, two anonymous addresses executed transactions directing upwards of 50 million SHIB tokens to a designated burn address. Notably, these tokens were transmitted in two separate tranches, each consisting of 25 million SHIB.

An analysis of the blockchain transactions over the last day has revealed a surge in activity from SHIB whales, including 47 large transactions, data from IntoTheBlock reveals.

Furthermore, since October up to the present, data from Glassnode has indicated a growth in Shiba Inu, with more than 30,000 new non-zero SHIB addresses being recorded.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: As of October, there were 1.33 million non-zero Shiba Inu addresses. That number has climbed to 1.36 million, at the time of reporting. The rise in non-zero addresses means increasing engagement and adoption of the token.

Cryptocurrency analyst Ali Martinez on Saturday said, "Since November, there’s been a massive withdrawal of over 8 trillion SHIB from known crypto exchange wallets – that’s valued at approximately $88 million."

Price Action: At the time of writing, SHIB was trading at $0.000010, down 0.24% in the last 24 hours, according to Benzinga Pro.

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