“Dogecoin Killer” Shiba Inu’s Burn Rate Rises 2,212% as Robinhood Wallet Moves 3 Trillion SHIB in a Single Transaction

Shiba Inu (CRYPTO: SHIB) is making waves again with significant burn rates, wallet movements, good first quarter performance and ecosystem developments.

What happened: Shibburn data shows a 2,211.9% increase in burn rate over the last 24 hours, with a single transaction burning 1.8 million SHIB coins about two hours ago.

Shibburn data shows a 2,211.9% increase in burn rate over the last 24 hours, with a single transaction burning 1.8 million SHIB.

Whale alert Data highlights the movement of 3 trillion SHIB tokens worth $79.9 million from one unknown wallet to another, both belonging to the Robinhood trading platform. This could be an internal restructuring carried out by the exchange to ensure security and optimize asset management.

Tangem wallet announced its support for payments in select cryptocurrencies, with Shiba Inu being the only meme coin.

Price promotion: At the time of writing, SHIB was trading at $0.00002723, up 3.2% in the last 24 hours, representing a weekly increase of 24.7%. In the last 24 hours, Shiba Inu trading volume has increased by 32% despite a minor price increase.

Also Read: “Dogecoin Killer” Shiba Inu Whale Transactions Surge 55%: “$100 Billion by 2025,” Crypto Investor Predicts

Why it matters: Data from IntoTheBlock shows a 3.2% increase in large transaction volume to $100.7 million, while concentration among large holders is at 73%.

Bitget Globalin his latest X This post highlighted Shiba Inu's performance in the first quarter, with a 416% increase in trading volume in the ecosystem and a 178% increase in the number of traders. The three biggest gainers in the SHIB ecosystem sector were Shib, Leash and Bone with gains of 190%, 87% and 25% respectively.

This strong performance follows Shiba Inu's announcement of a $12 million capital raise during the quarter to improve its Layer 3 network and collaboration with fully homomorphic encryption technology leader Zama.

What's next: The influence of meme coins and Bitcoin as an institutional asset class are topics set to be explored in depth at Benzinga's upcoming Future of Digital Assets event on November 19th.

Read more: Shiba Inu Whale raises 237 billion SHIB in one transaction: “A lot awaits the SHIB army,” says Vows lead developer