Shiba Inu, which is one of the most popular meme tokens of late is seen to be making rapid progress especially on Wednesday following a huge spike in the token burning rate.
Based on the on-chain data stated by Shibbrun, the burning rate of the meme token jumped more than 27000%, which indirectly attracted significant attention among crypto market enthusiasts globally.
Meanwhile, the token also appears to be registering significant whale accumulation. At the same time, Shiba Inu's market chart showed incredible gains, leading to bullish sentiment for the token.
Based on data from Shibburn, the Shiba crypto community recorded a phenomenal 27510% increase in burning rate in the past 24 hours, with 9.35 billion SHIB burned on Wednesday, January 10. Additionally, the total number of tokens burned from the initial supply of tokens is now estimated at 410.70 trillion. This adds additional evidence among crypto market traders. In line with this, the weekly burn rate has also jumped by 2278.29% at the time of writing, reflecting a huge burn.
On the other hand, massive whale accumulation also seems to be attracting the interest of the global crypto market. Based on on-chain data released by Lookonchain, a new whale was registered, collecting 1.44 trillion SHIB from Binance and Gate.
At the time of writing, Shiba Inu price has shown a 1.38% increase in the last 24 hours and is currently at $0.000009516. In addition, the market capitalization of this meme token shows a jump of 1.27%, accompanied by an increase in trading volume of 65.25%.
