Shibburn data revealed a significant reduction in the circulation of Shiba Inu tokens during September. Over 2.3 billion SHIB tokens, equivalent to $17,173, were permanently removed from circulation last month.
While this figure is lower than in August, when 5.7 billion SHIB tokens (worth $45,899) were burned, it still signifies a notable reduction.
Over the past 24 hours, SHIB has experienced a 3% price increase, accompanied by a surge in trading volume, reaching $99 million.
However, throughout September, SHIB displayed relatively modest trading activity, with less than 7% movement, ultimately closing the month at a value of $0.0000075.
What’s particularly intriguing is the recent surge in the SHIB token burn rate, which escalated by a staggering 1000% within a single day. This spike followed the permanent removal of 164 million SHIB tokens from circulation.
Furthermore, there’s been a noteworthy development involving two previously dormant cryptocurrency wallets.
These wallets, once inactive, have suddenly received substantial withdrawals of SHIB tokens from exchanges Binance and MEXC.
These new SHIB token holders, often referred to as Shiba Inu whales, collectively hold a value exceeding $500,000 in SHIB tokens.