SHIB Collapses in Key Metric Amid Price Slumping Below $0.00002

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As a researcher with experience in the cryptocurrency market, I find the recent developments regarding Shiba Inu (SHIB) intriguing. The sharp drop in SHIB’s burn rate, which has taken a 62% plunge within the last 24 hours, coincides with the meme coin falling below the $0.00002 level today.

Based on a recent tweet from the Shibburn monitoring account, the rate at which the second largest meme crypto by market capitalization is being destroyed has significantly decreased.

This has coincided with the SHIB price going below the $0.00002 level today.

SHIB burn rate drops 62%

According to the cited data source, there has been a significant decrease of over 62% in the Shiba Inu burn rate within the past 24 hours. This decline has resulted in approximately 93,088 SHIB coins being destroyed.

Over the last 24 hours, a sum of 93,088 $SHIB tokens have been destroyed through 3 separate transactions. For updated information on the grand total of burned $SHIB tokens, current circulating supply, and other relevant data, please refer to the link provided.— Shibburn (@shibburn) June 17, 2024

The tracking website’s latest data reveals a modest advancement, as the burn rate has declined by 17% to 210,439 SHIB being moved to inaccessible wallets. To date, there have been four such transactions, with the largest two being valued at 117,351 and 50,000 SHIB respectively.

Approximately 400 billion SHIB coins have been transferred to inactive wallets each week, leading to a striking increase of over 700% in this specific measurement.

SHIB price plunges under $0.00002

Currently, SHIB has experienced a 5.15% drop today and dipped below the significant threshold of $0.00002. On Friday, there was a swift decline in the meme cryptocurrency’s value, but it bounced back to surpass $0.00002 on the same day. At present, Shiba Inu is being traded at $0.00001986.

Two price drops occurred in response to Bitcoin‘s decline. On Friday, the world’s premier cryptocurrency slipped by 2.77%, dropping from $67,000 to $65,216. Today, BTC experienced another decline, losing 1.75% of its value and dropping from $66,740 to $65,590. At the present moment, Bitcoin is being traded at a price of $65,453.

Will Bitcoin and SHIB rise soon?

As a researcher studying cryptocurrency trends, I’ve observed that recent significant drops in Bitcoin’s price have led to buying frenzies among large-scale investors or “whales,” who hold ten or more Bitcoins. According to data from the on-chain analysis firm Santiment, these whales have amassed Bitcoin supplies equivalent to their holdings two years ago. Considering Bitcoin’s market value has grown by 226% since then, this strategic buying behavior could potentially indicate a bullish sentiment towards the world’s largest cryptocurrency.

As an analyst, I’ve examined the findings from Santiment’s recent report, and I can confirm that there is a significant connection between wallets containing over 10 Bitcoins (BTC) and the overall market value of Bitcoin. In simpler terms, larger BTC holders often mirror the broader market trends, be it upward or downward movements for Shiba Inu and other cryptocurrencies.

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2024-06-17 16:55