🐳🐶🌊 Shiba Inu Whale Moves 705B SHIB When Burn Speed Soars 5800%
According to Arkham Intelligence, whale#ShibaInu(#SHIB) has removed approximately 16 billion tokens with a value of more than $705 million from exchanges. Removing assets from a stock exchange is considered bullish because it reduces selling pressure in the market. SHIB whales may be waiting for the price to recover soon.
SHIB recorded a 4% increase on the daily chart and a 2.8% increase on the weekly chart. However, the asset is still down 8.4% on the 14-day chart and has hovered above 15% over the past month.
According to COINCODEX, Shiba Inu (SHIB) could hold a bull run in the coming weeks. The platform expects SHIB to reach 0.00005853 USD by May 31, 2024. Reaching 0.00005853 USD from current levels would result in growth of over 150%
Changelly also painted an optimistic picture for SHIB in the coming weeks. The platform predicts that the popular dog-themed cryptocurrency will reach 0.00006159 USD by May 30, 2024.
🔥🔥 Burning Rate of Shiba Inu (SHIB) Has Reached Over 5800%
SHIB has also seen an increase in burn rates amid the whales' massive movements. According to Shibburn, SHIB's burning rate has increased by over 5800%. The whales' movements may have led to increased activity and thus more burns. According to Shibburn, more than 26 million SHIB tokens were burned in 24 hours.
Burning SHIB rarely results in large price fluctuations. Shiba Inu has approximately 589 trillion tokens in circulation. Therefore, the number of tokens burned is only a very small percentage of the total. However, the SHIB team said it is working on a new burning mechanism that is said to burn trillions of tokens per year. If the team can reduce the project's supply, we could see a major price increase. However, the SHIB group has not yet announced the official launch date of the new waste incineration mechanism.