In an extraordinary development, the Shiba Inu (SHIB) meme coin has captured the attention of the crypto community with a remarkable surge in its token burn rate. According to Shibburn, a platform dedicated to monitoring SHIB token burns, the burn rate skyrocketed nearly 3900% on Thursday, June 6.
This unprecedented increase in token burning coincides with a period of lateral movement in SHIB's price. Adding to the excitement, there has been substantial whale buying activity, with two significant investors purchasing over $35 million worth of SHIB in the past 24 hours.
Shiba Inu Burn Rate and Whale Accumulation Surge
The dramatic rise in SHIB's burn rate and the concurrent whale accumulation have sparked optimism about a potential price rally among traders and investors. The heightened token burning activity reduces the overall supply of SHIB in circulation, which could potentially increase the token’s value.
Over the past 24 hours, the burn rate of SHIB tokens escalated by an impressive 3894.73%, as reported by Shibburn. During this period, the Shiba Inu community collectively burned a total of 4.89 million SHIB tokens through multiple transactions. Notably, a single wallet transferred a staggering 4.03 million SHIB tokens to a dead wallet, making it the largest contributor to this spike. This significant transaction came from the wallet address 0xc55…, underscoring the proactive efforts within the community to reduce the circulating supply.
Additionally, other Shiba Inu community members conducted several smaller token burns, further driving up the burn rate. These efforts have cumulatively resulted in an impressive total of 410.72 trillion SHIB tokens burned to date. This reduction in supply is a crucial factor that could potentially drive up the price of SHIB tokens.
Whale Activity and Market Confidence
In a parallel development, nine wallets owned by SHIB whales have collectively invested $35.2 million, acquiring 1.356 trillion SHIB at an average price of $0.00002596 in the past 24 hours. This significant investment by large holders underscores the growing confidence in SHIB’s potential for future gains.
SHIB Price to $0.0001?
Despite the recent sideways trading action, Shiba Inu has maintained a level above the crucial $0.000025 mark. According to Coingape, if SHIB continues to trade above this level, a surge to $0.00003 could be seen in the short term. Furthermore, the bullish momentum could propel Shiba Inu to $0.00005.
If the $0.00005 level is sustained, an ambitious rally to $0.0001 can be expected. The surging burn rate and whale accumulation could catalyze this price increase. However, SHIB still has a long way to go before surpassing its all-time high of $0.00008845.
As of the latest update, the Shiba Inu price stands at $0.00002569, reflecting a 0.53% gain on Thursday, June 6. The meme coin boasts a market capitalization of $15.12 billion, with its trading volume increasing by 14.57% to $787.92 million in the last 24 hours.
The ongoing developments in SHIB’s burn rate and whale accumulation suggest a promising outlook for the meme coin, potentially paving the way for significant price increases in the near future.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“