Surge in SHIB burning coincides with sudden rise in whale interest
The community behind the dog-themed cryptocurrency Shiba Inu (SHIB) is experiencing a surge in its burn rate, reaching a staggering 3,894%. This significant increase has resulted in millions of SHIB tokens being permanently removed from circulation.
Coin burning is the process of destroying a certain amount of cryptocurrency to reduce its total supply. This is usually done by sending the coins to a "burn" address (a wallet that can never be retrieved).
The main purpose of burning tokens is to create scarcity, which may increase the value of remaining tokens. Shiba Inu’s burn rate has increased significantly over the past 24 hours, with millions of tokens being burned.
According to Shibburn X records, a total of 7 transactions destroyed 4,829,147 SHIB tokens in the past 24 hours. This resulted in a 3,894% increase in the destruction rate.
The surge in SHIB destruction coincides with a sudden rise in whale interest in SHIB, with the number of large transactions involving SHIB doubling this week compared to the average level earlier in 2024.
According to Santiment, Shiba Inu’s recent surge appears to have been triggered by a surge in whale interest. Santiment noted that $100,000 in transactions on the Shiba Inu network this week more than doubled compared to the typical 2024 average, suggesting accumulation is underway.
According to reports, Shiba Inu broke above the daily SMA 50 at $0.00002471 after rebounding sharply from an intraday low of $0.00002284 on June 4. Shiba Inu extended its rebound to a high of $0.00002625 during today’s trading session before encountering resistance.
At the time of writing, SHIB is down 1.5% in the last 24 hours to $0.00002562, despite rising 7% in the last seven days and 218% yearly.
According to IntoTheBlock, SHIB's large trading volume increased by 223%, with large transactions of more than $100,000 reaching $435.66 million. This indicator estimates the total amount of transactions made by whales and institutional players on a given day. A surge in large trading volume indicates that institutional players are very active in buying or selling. #memecoin🚀🚀🚀
If you want to know more about the cryptocurrency circle and get first-hand cutting-edge information, please feel free to consult me. We have the most professional cryptocurrency community, publishing market analysis and high-quality potential currency recommendations every day. If you also want to cross the bull and bear markets, watch others sink to the bottom in the bear market, double your income, and get rid of the shackles of the bull and bear markets,
Surge in SHIB burning coincides with sudden rise in whale interest
The community behind the dog-themed cryptocurrency Shiba Inu (SHIB) is experiencing a surge in its burn rate, reaching a staggering 3,894%. This significant increase has resulted in millions of SHIB tokens being permanently removed from circulation.
Coin burning is the process of destroying a certain amount of cryptocurrency to reduce its total supply. This is usually done by sending the coins to a "burn" address (a wallet that can never be retrieved).
The main purpose of burning tokens is to create scarcity, which may increase the value of remaining tokens. Shiba Inu’s burn rate has increased significantly over the past 24 hours, with millions of tokens being burned.
According to Shibburn X records, a total of 7 transactions destroyed 4,829,147 SHIB tokens in the past 24 hours. This resulted in a 3,894% increase in the destruction rate.
The surge in SHIB destruction coincides with a sudden rise in whale interest in SHIB, with the number of large transactions involving SHIB doubling this week compared to the average level earlier in 2024.
According to Santiment, Shiba Inu’s recent surge appears to have been triggered by a surge in whale interest. Santiment noted that $100,000 in transactions on the Shiba Inu network this week more than doubled compared to the typical 2024 average, suggesting accumulation is underway.
According to reports, Shiba Inu broke above the daily SMA 50 at $0.00002471 after rebounding sharply from an intraday low of $0.00002284 on June 4. Shiba Inu extended its rebound to a high of $0.00002625 during today’s trading session before encountering resistance.
At the time of writing, SHIB has fallen 1.5% in the past 24 hours to $0.00002562, despite a 7% increase in the past 7 days and a 218% increase in the year. (The layout is ongoing, communication: BNB226622 welcomes everyone to participate actively and witness the moment of miracle together)
According to IntoTheBlock, SHIB's large trading volume increased by 223%, with large transactions of more than $100,000 reaching $435.66 million. This indicator estimates the total amount of transactions by whales and institutional participants on a given day. A surge in large trading volume indicates that institutional participants are very active in buying or selling.
If you want to know more about the cryptocurrency circle and get first-hand cutting-edge information, please feel free to consult me. We have the most professional cryptocurrency community, publishing market analysis and high-quality potential currency recommendations every day. If you also want to cross the bull and bear markets, watch others sink to the bottom in the bear market, double your income, and get rid of the shackles of the bull and bear markets,
