Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer’ Shiba Inu (CRYPTO: SHIB), has witnessed a surge in token burn activity with an increase exceeding 1600% within a 24-hour window.

What Happened: Shibburn, a Shiba Inu burn rate tracker, revealed the elimination of 88 million SHIB tokens from the actively traded supply. 

Notably, the increase in burn rate can be attributed to three anonymous wallets that effectively transferred 83 million SHIB tokens to a “dead wallet,” making them irretrievable. Additional small burns comprise the remainder of the activity.

This spike in token burning coincides with heavy purchasing by Ethereum whales, particularly after the approval of Bitcoin’s (CRYPTO: BTC) iShares ETF. One notable investor acquired a whopping 237.869 billion SHIB tokens, along with a significant number of FTX tokens (CRYPTO: FTT) and Ethereum (CRYPTO: ETH), across various transactions.

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

Why It Matters: Data from Etherscan reveals that this investor, along with four other anonymous addresses, gathered a total of 5.807 trillion SHIB over the last day, which is valued at close to $57.14 million.

At the same time, the network of Shiba Inu, Shibarium, has seen its daily transaction count fall from an average of 7 million in December 2023 to under 2 million this month, with a drop from 7.84 million transactions on December 28, 2023, to just 1.16 million on January 13, 2024.

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