Coinspeaker Shiba Inu (SHIB) Makes New Rebound Play on 3,894% Burn Rate Surge
Amidst the rising whale buying wave, Shiba Inu (SHIB) burn rate is up by 3894%. Insights provided by Shibburn, the platform dedicated to tracking the incineration of SHIB tokens, noted that the ecosystem saw an impressive burn rate of 3894.73%, cutting off the supply of a total of 4,829,147 SHIB in the last 24 hours.
This latest incineration brings the total SHIB burnt from the initial supply to 410,726,517,255,505 SHIB tokens.
Whale Activity Meets SHIB Token Burn
Notably, the largest contribution to the burn was from one wallet address identified as “0xc55….” This user transferred 4.03 million SHIB tokens to a dead wallet in a single transaction. This huge transaction and the other smaller token incineration that were registered on the Shiba Inu ecosystem reflect the SHIB Army’s commitment to slashing the circulating supply of the popular meme coin.
HOURLY SHIB UPDATE$SHIB Price: $0.00002571 (1hr -0.55% ▼ | 24hr -0.27% ▼ )Market Cap: $15,145,455,839 (0.25% ▲)Total Supply: 589,273,482,744,494
TOKENS BURNTPast 24Hrs: 4,829,147 (3894.73% ▲)Past 7 Days: 42,861,129 (25.1% ▲)
— Shibburn (@shibburn) June 6, 2024
The massive burn is happening at the same time that two whales entered a buying frenzy and purchased over $35 million worth of SHIB. Similarly, nine SHIB whale wallets collectively spent $35.2 million on the acquisition of 1.356 trillion SHIB at an average price of $0.00002596 in the past 24 hours.
While the occurrence of these events may or may not be coincidental, they are likely to revive hope of an impending SHIB rally amongst traders. The enthusiasm within the crypto community resulting from the surge in SHIB token burning has been noted by observers.
Historically, the reduction of the overall supply of Shiba Inu in circulation has contributed to enhancing the token’s value. With this latest upsurge, there is an expectation from investors that a price surge will be recorded in due course.
Can Shiba Inu Reach Its ATH of $0.00008845?
At the time of this writing, Shiba Inu is down by 2.52% and is trading at $0.00002557. In the last 24 hours, there have been significant fluctuations in the price of the digital asset but its current position still reflects the resilience of the meme coin.
Shiba Inu has maintained support at the $0.000025 level for the longest time and trading above this level, coupled with the increasing whale activity, could see the meme coin climb to $0.00003 in no time.
This does not negate that the $0.00003 level is way below the $0.00008845 all-time high (ATH) that Shiba Inu attained in October 2021. In the long run, whale activities and further token burn may push the coin towards surpassing this ATH.
Meanwhile, Shiba Inu is trying to curtail the prevalence of fraudulent activities within its ecosystem. The team behind the Shiba Inu project identified the attack of some bad actors on the Layer-2 scaling solution Shibarium. This outlook led the team to urge users to exercise serious caution in all their dealings with the platform at this moment.
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Shiba Inu (SHIB) Makes New Rebound Play on 3,894% Burn Rate Surge
