Shiba Inu Burn Rate Shoots 3900% Amid Whale Buying, SHIB Price To $0.0001?

by

As a researcher with a background in cryptocurrency and blockchain technology, I find the recent developments surrounding Shiba Inu (SHIB) particularly intriguing. The sudden surge in SHIB’s token burn rate and massive whale buying have generated significant buzz within the crypto community, leaving many traders and investors hopeful of a potential rally.

Recently, the Shiba Inu (SHIB) meme cryptocurrency has gained significant attention due to a drastic rise in its token destruction rate. As reported by Shibburn, the platform monitoring SHIB token burns, there was an unexpected jump of approximately 3900% in token burns on June 6, Thursday.

As a crypto investor, I’ve noticed an intriguing development in the SHIB token market. Recently, we’ve witnessed a significant increase in the rate at which SHIB tokens are being burned. This surge in token burning has taken place during a stretch of sideways price action for SHIB. Additionally, massive purchases by whale investors have also been evident in the past 24 hours, with two of them acquiring over $35 million worth of SHIB.

Shiba Inu Burn Rate & Whale Accumulation Skyrocket

The significant increase in SHIB token burning and large-scale purchases by “whales” have fueled optimism among traders and investors regarding a possible Shiba Inu price surge. The burning process has created buzz within the cryptocurrency world, as it decreases the total amount of SHIB tokens available for circulation. This reduction could potentially boost the token’s worth.

Over the last 24 hours, I’ve noticed an astonishing increase of 3894.73% in SHIB token burn rate based on Shibburn’s data. This translates to a massive burning of approximately 4.89 million SHIB tokens by the community through numerous transactions. Among these transactions, one wallet address significantly contributed to this surge in token burn.

In an astonishing turn of events, a wallet moved approximately 4.03 million SHIB tokens to an inactive wallet in a singular transaction. Notably, this substantial transfer originated from the wallet address 0xc55…, underscoring the community’s active initiatives to decrease the total supply.

Furthermore, various Shiba Inu community members carried out multiple smaller token burns, thereby increasing the overall burn rate. These initiatives have collectively resulted in an impressive sum of 410.72 trillion SHIB tokens being burned. The decrease in supply is a significant element that could potentially boost the value of SHIB tokens.

As an analyst, I’ve noticed a noteworthy trend: nine major SHIB investors, often referred to as “whales,” have collectively disbursed approximately $35.2 million from their wallets over the past day. Simultaneously, these same investors purchased around 1.356 trillion SHIB tokens at an average price of $0.00002596 within the same timeframe. This substantial investment in SHIB tokens by these large holders serves as a clear indication of their growing belief in SHIB’s potential for future profits, thereby boosting market confidence.

SHIB Price To $0.0001?

Although there have been lateral movements in the market, Shiba Inu has managed to hold its ground above the significant threshold of $0.000025. Previously reported by Coingape, if the price trend for SHIB remains positive, a jump to $0.00003 is imminent in the near future. Furthermore, this bullish momentum could potentially lift Shiba Inu up to $0.00005.

If the price holds steady at $0.00005, it’s likely that the coin will surge towards the significant goal of $0.0001. Additionally, the accelerating consumption rate and whale purchases could trigger a price hike. However, surpassing its previous record high of $0.00008845 remains a formidable challenge for the crypto.

At the moment of publication, the price of Shiba Inu was at $0.00002569, representing a 0.53% increase from the previous day, June 6. The market value of this meme coin stood at a substantial $15.12 billion. Furthermore, there was a significant surge in trading volume, reaching $787.92 million over the past 24 hours – an uptick of 14.57%.

Read More

2024-06-06 08:44