Self-proclaimed ‘Dogecoin DOGE/USD killer’ Shiba Inu SHIB/USD, has witnessed a surge in token burn activity with an increase exceeding 1600% within a 24-hour window.

What Happened: Shibburn, a Shiba Inu burn rate tracker, revealed the elimination of 88 million SHIB tokens from the actively traded supply. 

Notably, the increase in burn rate can be attributed to three anonymous wallets that effectively transferred 83 million SHIB tokens to a “dead wallet,” making them irretrievable. Additional small burns comprise the remainder of the activity.

This spike in token burning coincides with heavy purchasing by Ethereum whales, particularly after the approval of Bitcoin’s BTC/USD iShares ETF….

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