According to U.Today, a report released by Santiment, an analytics aggregator, indicates a positive market move for Shiba Inu, Ethereum, and Chainlink. The data suggests that the supply of these three cryptocurrencies held by whales on cryptocurrency exchanges has significantly decreased since May 27. The top 10 wallets on these networks have seen their holdings drop, with Shiba Inu down by 2.4%, Chainlink by 2.9%, and Ethereum by 8.6%.
Santiment's analytics team highlighted that decreasing exchange supplies are generally considered a long-term bullish sign for traders. This suggests that the current market conditions could be favorable for those trading Shiba Inu, Ethereum, and Chainlink.
In addition to the decrease in exchange supplies, the Shiba Inu burn rate has seen a significant increase. The Shibburn analytics platform, which focuses on Shiba Inu burn transactions, reported that the burn rate of this popular meme cryptocurrency has increased by 1,460.86% within the last 24 hours. Seven burn transfers have been conducted so far, with the Shiba Inu community managing to dispose of 110,885,723 Shiba Inu meme coins. The majority of this amount was burned in a single transfer made by an anonymous whale, with 100,000,000 Shiba Inu coins being sent to an unspendable blockchain wallet permanently.