Today, Shiba Inu’s burn rate surged 3,900% driven by a massive whale purchase ($35 million), and these factors coupled with optimism about the memecoin could catalyze SHIB’s price to rise.

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As the community burns continued, Shiba Inu burn rates jumped by about 3,900 percent.

Meanwhile, SHIB whales have accumulated a whopping $1.35 trillion in tokens during the recent rally.

A reduction in supply has the potential to cause SHIB prices to surge.

In a remarkable turn of events, the Shiba Inu (SHIB) memecoin is in the spotlight due to an alarming increase in its token burn rate. According to data from Shibburn, a platform dedicated to tracking SHIB token burns, the SHIB token burn rate staggered by nearly 3,900% on Thursday, June 6.

Furthermore, the sharp spike in token burns coincided with a period of sideways movement in SHIB prices. In addition, the spike in Shiba Inu burn rates was accompanied by massive whale buying. In the past 24 hours, two whales snapped up more than $35 million of SHIB.

Shiba Inu consumption rate and whale stock volume skyrocket

The spike in burn rates and whale buying has sparked hopes among traders and investors that SHIB could rebound. The surge in SHIB token burns has generated considerable enthusiasm in the crypto community. The burn rate could potentially boost the token’s value by reducing the overall supply of SHIB in circulation.

According to Shibburn data, the destruction rate of SHIB tokens has surged by 3894.73% in the past 24 hours. During this period, the Shiba Inu community destroyed a total of 4.89 million SHIB tokens in multiple transactions. Notably, one wallet address was the largest contributor to this surge.

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 community’s active efforts to reduce the circulating supply.

In addition, several smaller token burns were conducted by other Shiba Inu community members, further driving up the burn rate. These efforts have resulted in a staggering cumulative burn of 410.72 trillion SHIB tokens. The reduction in supply is a key factor that could drive up the price of SHIB tokens.

Meanwhile, nine wallets with large SHIB holdings spent a total of $35.2 million. In the past 24 hours, they purchased 1.356 trillion SHIB at an average price of $0.00002596. Therefore, this huge investment by large holders highlights the growing confidence in SHIB’s future earnings potential.

SHIB price is $0.0001?

Despite the sideways movement, Shiba Inu remains well above the critical level of $0.000025. As previously reported by Coingape, if the SHIB price continues to trade above this level, a surge to $0.00003 is likely in the short term. Additionally, the bullish momentum could push Shiba Inu to $0.00005.

Moreover, 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 accumulation by whales could catalyze price gains. However, the cryptocurrency still has a long way to go before breaking its all-time high of $0.00008845.

At press time, the price of ShibaCoin is $0.00002569, having risen by 0.53% on Thursday, June 6. Meanwhile, the meme coin has a market cap of $15.12 billion. Furthermore, ShibaCoin’s trading volume has risen by 14.57% over the past 24 hours to $787.92 million.