Shiba Inu (SHIB) Burn Rate Spikes, Alongside a Rise in Whale Transactions and Daily Transactions

Shiba Inu's SHIB/USD burn rate has spiked, alongside a rise in whale transactions and daily transactions. Key Shibarium updates reflect strong fundamentals for the meme coin.

Shiba Inu's (CRYPTO: SHIB) burn rate has spiked sharply, accompanied by an increase in whale transactions and daily transactions. Key Shibarium updates highlight the strong fundamentals of the meme coin.

Shiba Inu Price Action: The Shiba Inu token price has shown resilience, holding key support at $0.000012345. This aligns with the expected annual lows near $0.0000133, as noted by technical analyst Investing Haven.

The chart may be forming a bullish W-reversal pattern. If confirmed, this pattern could push SHIB towards a target of $0.000666.

Shiba Inu has experienced a 112,839.2% spike in its burn rate over a single day, according to data from Shiburn.net.

Within just nine hours, three major burn transactions were executed. One of them incinerated 97.6 million SHIB in a single instance.

This spike in burns coincides with a rise in whale activity. According to IntoTheBlock, large transaction volume soared by 93.3%. The number of SHIB transactions over $100,000 has climbed from 47 to 58.

Shibarium Scan data shows that daily transactions have surged to 4.5 million, building on the momentum that began on June 6 when transaction count crossed 3.5 million. This uptick reflects the growing utility and adoption of Shiba Inu's Layer-2 network.

Shibarium Updates: The Shiba Inu team announced a major upgrade aimed at improving token utility through enhanced DeFi integrations and new auto-burn features. This includes the launch of precision liquidity pools, which allow providers to target specific price zones, optimizing capital efficiency.

In another development, Shiba Inu has partnered with TokenPlayAI, an AI-powered Web3 gaming platform. Their partnership kicks off with a Shiba-themed game and plans to expand into a full SHIB arcade, highlighting SHIB's ambition to lead in the decentralized gaming space.