Exciting updates on the Shiba Inu (SHIB)!
Shiba Inu whales are making big moves, withdrawing 705 billion#SHIBtokens — worth more than $705 million — from exchanges. This upward movement reduces selling pressure and indicates that whales expect prices to rebound soon.
While SHIB saw a 4% daily increase and a 2.8% weekly rise, it remains down 8.4% over the past 14 days and is hovering around a 15% decline for the month.
But hold on tight! According to CoinCodex and Changelly, SHIB could see a rise, with forecasts indicating a potential rise to $0.00005853 and $0.00006159 respectively by May 31 and May 30, 2024. 🚀
Amidst these exciting developments, the SHIB burn rate rose to over 5,800%, resulting in over 26 million SHIB tokens being burned in just 24 hours.
While SHIB burning has not historically caused significant price movements due to the massive circulating supply of 589 trillion tokens, the SHIB team is working on a new burn mechanism that is rumored to burn trillions of tokens annually. If successful, this could lead to a significant rise in prices.
Stay tuned for more updates, as the SHIB team has yet to announce the official launch date for the new burner mechanism. 🔥🗓️
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