Altcoin
Shiba Inu Burn Rate Shoots 3900% Amid Whale Buying, SHIB Price To $0.0001?
In a remarkable turn of events, the Shiba Inu (SHIB) meme coin is in the spotlight due to a staggering increase in its token burn rate. According to Shibburn, the platform dedicated to tracking the incineration of SHIB tokens, the burn rate saw an astounding surge of nearly 3900% on Thursday, June 6.
Moreover, this dramatic spike in token burning has occurred alongside a period of sideways action in the SHIB price. Furthermore, the spike in Shiba Inu’s burn rate was accompanied by massive whale buying. Two whales scooped up over $35 million of SHIB in the past 24 hours.
Shiba Inu Burn Rate & Whale Accumulation Skyrocket
The burn rate surge and whale buying sparked hopes of a potential SHIB rally among traders and investors. The surge in SHIB token burning has generated considerable enthusiasm within the crypto community. By reducing the overall supply of SHIB in circulation, the burn rate could potentially enhance the token’s value.
Over the past 24 hours, the burn rate of SHIB tokens escalated by an impressive 3894.73%, according to Shibburn. During this period, the Shiba Inu community collectively burned a total of 4.89 million SHIB tokens across multiple transactions. Notably, one wallet address stood out as the largest contributor to this spike.
The wallet transferred a staggering 4.03 million SHIB tokens to a dead wallet in a single transaction. Moreover, this significant contribution came from the wallet address 0xc55…, highlighting the proactive efforts of the community in reducing the circulating supply.
Additionally, other Shiba Inu community members conducted several smaller token burns, further driving up the burn rate. These efforts have led to the cumulative amount of SHIB tokens burned reaching an impressive total of 410.72 trillion. The reduction in supply is a crucial factor that could potentially drive up the price of SHIB tokens.
In a parallel development, nine wallets owned by SHIB whales have collectively spent $35.2 million. They acquired 1.356 trillion SHIB at an average price of $0.00002596 in the past 24 hours. Hence, this significant investment by large holders underscores the growing confidence in SHIB’s potential for future gains.
SHIB Price To $0.0001?
Despite the sideways action, Shiba Inu has sustained well above the crucial level of $0.000025. As reported earlier by Coingape, if SHIB price continues to trade above this level, a surge to $0.00003 can be witnessed in the short-term. In addition, the bullish momentum could propel Shiba Inu to $0.00005.
Furthermore, if the $0.00005 level is sustained, a rally to the ambitious target of $0.0001 can be expected. Moreover, the surging burn rate and whale accumulation could catalyze a price increase. However, the crypto still has a long way to go before beating its all-time high of $0.00008845.
At press time, the Shiba Inu price traded at $0.00002569, gaining 0.53% on Thursday, June 6. Whilst, the meme coin held a market capitalization of $15.12 billion. In addition, the trading volume for Shiba Inu rallied 14.57% to $787.92 million in the last 24 hours.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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