Shiba Inu is a prominent meme. Over time, it has emerged as the second-largest meme coin. SHIB has also earned a supportive community over the years. Thanks to the surge in price and various developments, SHIB has acquired a supportive SHIB army.
According to the latest data from IntoTheBlock, there has been a massive inflow of large Shiba Inu holders, aka whales, which has shown a 3,770% spike in activity over the last seven days.
Also read: Bitcoin Below $30k, Altcoins Retract After Positive Ripple News
The surge in large-holder inflows indicates possible buying activity. This activity is also a likely indication that the whales are buying in bulk as the price is bottoming.
Shiba Inu burn rate drops by -71%, despite increase in whale activity
Data from Shibburn has revealed that the burn rate has plummeted by -71.16% in the last 24 hours. Additionally, during this timeframe, only 26.4 million SHIB were burned.
Also read: Shiba Inu: Shibarium Surpasses Another Notable Milestone
The burn rate is considerably lower as opposed to yesterday’s burn rate, which showed a 7,000% spike. However, the SHIB burn rate is known for its fluctuating nature. CoinMarketCap data shows that SHIB is trading at $0.00000774, with a 1.64% drop in value over the last 24 hours. The surge in Shiba Inu whale activity could also be a likely indication of whale accumulation prior to the launch of the much-awaited Shibarium.