Burns. Don’t listen to Fud LucieSHIB/Twitter

Amid the bear market in the cryptocurrency industry, the Shiba Ecosystem witnessed a remarkable surge in activity. This surge indicated increased investor interest and the community's determination to drive up the price of the dog-themed altcoin. This was evident through the substantial increase in burning SHIB tokens and the accumulation of large whale holdings.

The X account Shibburn, which provides users with data on the Shiba Inu supply, its burn rate, the amount of SHIB tokens burned over the last 24 hours, as well as the latest burn transactions, revealed on Wednesday that burning activities resulted in an 823.79% burn rate. This rate is equivalent to 79,083,234 SHIB tokens being permanently destroyed.

As a result, the total Shiba Inu supply was reduced to 589,341,586,031,945 tokens.

As of 2:53 p.m. ET on Wednesday, 410,658,444,878,230 SHIB tokens have been burned from the initial supply.

This week, Shytoshi Kusama, the pseudonymous lead developer of the Shiba Ecosystem, clarified that while the team has been working to roll out the SHIB burn feature in Shibarium, they highlighted that beyond the burning activity, the community "absolutely MUST increase adoption," noting that "burns will not be the end-all, be-all."

While the community is actively burning SHIB's supply, whales—individuals or organizations holding a significant amount of Shiba Inu tokens—are going on a shopping spree during a period when the cryptocurrency market is experiencing declining indices.

Data from IntoTheBlock indicates that whales have amassed over $100 million worth of SHIB tokens in the past week.

"Over the past week, large holders of Shiba Inu have accumulated roughly $100m worth of $SHIB," IntoTheBlock's tweet read.

The most recent data follows the earlier report from the market intelligence platform, which revealed a staggering 1,173% increase in the inflow of SHIB tokens among large Shiba Inu holders in the days following the reopening of Shibarium, the Shiba Ecosystem's layer-2 scalability solution.

On Aug. 31, Shiba Inu saw a significant influx of 4.35 billion SHIB tokens into whale wallets, contributing to the substantial rise in the inflow of tokens among large holders and highlighting renewed interest from whales in SHIB.

In addition, a separate transaction highlighted by crypto data tracker Whale Alert showed an unknown SHIB whale transferring 4,642,530,677,374 SHIB tokens, valued at approximately $38,057,145, to unknown wallets.

As of 3:17 a.m. ET on Wednesday, SHIB was trading at $0.00000763, with a 24-hour trading volume down by 0.42% to $101.32 million. This represents a 0.1% increase in the last 24 hours but a 6.5% loss over the past seven days.

According to the latest data from CoinMarketCap, SHIB's total circulating supply is 589.35 trillion SHIB, and its value has decreased by 0.25%, resulting in a $4.5 billion market cap.