Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer’ Shiba Inu (CRYPTO: SHIB) layer-2 solution Shibarium burn rate is up 1600% in a single day as 131 million SHIB were permanently removed from circulation.

What Happened: According to Shibburn, a platform dedicated to tracking the token’s burn rate, two significant transactions contributed to this surge – one removing 123 million SHIB and another 2.5 million SHIB from circulation.

The Shiba Inu ecosystem has also observed substantial movements by SHIB whales. On Monday, a transaction involving a SHIB whale transferring SHIB tokens valued at $46 million to an unidentified wallet came under the spotlight.

Cryptocurrency analyst Ali Martinez said last week, “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!”

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

Why It Matters: Shibariumscan, SHIB’s blockchain explorer, reported a consistently high volume of transactions. Since December 1, Shibarium, Shiba Inu layer-2 solution,  has been handling over five million transactions daily. 

Notably, the last 24-hour period saw Shibarium record over 7.53 million transactions.

Data from IntoTheBlock reveals that over 21% of holders are in profit at the current price, while 21% are breaking even. Over, 58% are currently facing losses.

Price Action: At the time of writing, SHIB was trading at $0.000010, down 1.16% in the last 24 hours, according to Benzinga Pro.

Image via CryptoFX on Shutterstock

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