SHIB Burns Crash 73%, SHIB Price Follows Suit But Here’s Catch

According to the figures shared by the prominent blockchain tracker Shibburn, since last morning, one of the key metrics of the meme cryptocurrency SHIB has demonstrated a massive decline.

The same is happening in the SHIB market at the moment.

SHIB burns crash together with price

In a recently published tweet, the aforementioned data tracker shared that over the past 24 hours, the daily SHIB burn rate has shown a decline of 73.43% with less than a million SHIB torched in total -724,556 meme coins.

Meanwhile, the price of the second largest meme cryptocurrency by market capitalization size, SHIB, has dropped by almost 6%, losing the $0.00001700 level and currently changing hands at $0.00001597.

However, the updated figures on the SHIB burn website have revealed that just recently an anonymous whale has burned an impressive 13,000,911 SHIB, lifting the burn rate to 403.41%.

This SHIB decline is mirroring that of Bitcoin as the world’s bellwether cryptocurrency has dropped by 2.64%, providing SHIB and other altcoins with a price trajectory to follow. Bitcoin has fallen from $98,000 and has hit $95,460 where it is trading as of this writing.

New whale grabs 290.4 billion SHIB

Earlier today, the @lookonchain analytics account revealed that a new SHIB whale was born after that newly-setup wallet accumulated 290.4 billion Shiba Inu on the world’s largest cryptocurrency trading platform Binance.

That amount of meme coins was valued at $4.84 million. Aside from SHIB, the whale also purchased 97,111 AVAX worth $2.52 million on the same crypto exchange. The whale took advantage of the massive price declines in the market and bought the dips, adding more coins to their wallets.