Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer’ Shiba Inu (CRYPTO: SHIB), experienced a significant uptick in its token burn rate, surging by over 400% in just 24 hours.

What Happened: The increase in burn rate corresponds to a removal of 18 million SHIB tokens from the circulating supply, Shibburn, a Shiba Inu burn rate tracker reported.

Data from Shibburn shows three anonymous entities have transferred a combined total of 16 million SHIB to an irretrievable “dead wallet”. 

This comes after the Securities and Exchange Commission (SEC) approved exchange-traded funds (ETFs), notable Ethereum (CRYPTO: ETH) whales have increased their holdings in SHIB.

One particularly large transaction involved a crypto whale acquiring 136.86 billion SHIB tokens, valued at approximately $1.38 million when the transaction was recorded. The funds were moved from the cryptocurrency exchange Binance to a private decentralized wallet.

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

Why It Matters: Meanwhile, blockchain analytics firm LookOnChain has reported that over the past month, $24.15 million worth of SHIB has been withdrawn from Binance. 

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