SHIB Skyrockets 2,834% Despite Price Remaining 6% Down

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As an experienced analyst, I find the recent surge in Shibburn rates and the massive amount of SHIB tokens being burned intriguing. The fact that several hundred million SHIB coins have been transferred to dead-end wallets within the last 24 hours is a significant development for this meme coin. The burn rate has surged an impressive 2,834%, which is a substantial increase from the previous figure.

As a researcher studying the Shiba Inu (SHIB) cryptocurrency ecosystem, I’ve recently come across some intriguing data from the Shibburn tracking platform. They’ve reported an astonishing transfer of hundreds of millions of SHIB meme coins to wallets that appear to be inactive or “dead-end” wallets.

The substantial accumulation of losses occurred when the meme coin’s price remained low and barely bounced back by around 8% following a significant drop on Tuesday.

SHIB burns surge 2,834%

One significant metric related to the mentioned Shib data source has experienced a substantial increase of 2,834% within the past 24 hours. This metric is referred to as the burn rate.

The burn rate number hasn’t varied significantly since Tuesday. However, there’s been a massive shift in the quantity of meme coins being taken out of circulation – increasing from approximately 7.1 million to an astonishing 232,222,042 SHIB.

So far, a total of eight SHIB transactions have occurred, with the largest transfer being 225,637,580 SHIB to a wallet that cannot be used to make further transactions. This single transaction represents almost the entirety of the SHIB that has been burned.

SHIB Skyrockets 2,834% Despite Price Remaining 6% Down

Approximately 2 million SHIB tokens were transferred to each of the other three large recipients on the list, going to wallets that are no longer in use.

SHIB price behavior

In the past 24 hours, SHIB‘s price experienced a downturn of approximately 8.8%, dropping from $0.00002350 to $0.00002207. Subsequently, SHIB made two attempts to rise above its support at $0.00002207, reaching as high as $0.00002206.

After the initial effort failed, it was pushed back down but managed to bounce back and has since been exchanging hands at a higher price point, with an uptick of 3% so far.

The price decrease occurred concurrently with heightened whale actions, resulting in the transfer of approximately 4.3 trillion SHIB to Coinbase for sale (a significant portion was repurchased in 2021). Additionally, there were purchases totaling 600 billion SHIB on Robinhood, which were subsequently withdrawn to offline wallets.

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2024-06-12 10:32