What Happened: Data from IntoTheBlock shows that large holders of Shiba Inu have acquired over $100 million worth of SHIB tokens in the past week. 

In the last 24 hours, Dogecoin, Pepe Coin, and Floki have experienced price increases of 1.8%, 2%, and 0.30%, respectively.

Further data from Shibburn indicates a 730% increase in the SHIB burn rate. In the last 24 hours alone, a staggering 77 million SHIB tokens were removed from circulation.

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Why It Matters: Data from Shibarium explorer shows that the Shiba Inu layer-2 network Shibarium showcases a remarkable milestone as the number of active wallets on the platform crosses the one million mark. Within its relatively short existence, the network has facilitated over one million transactions, generating approximately 472,000 blocks with an average block time of five seconds.

Kusama emphasized that the primary focus of the Shibarium team is to drive the adoption and usage of the Shibarium protocol. In the Telegram channel, Kusama wrote, “So let me say this, burns will not and are not the end all be all, we absolutely must increase adoption, but burn portal is in the works.”

Price Action: At the time of writing, SHIB was trading at $0.000007625, up 2.99% in the last 24 hours, according to Benzinga Pro.

Photo by Dennis Diatel on Shutterstock