Shiba Inu Whales Move 705B SHIB As Burn Rate Spikes 5800%
According to Arkham Intelligence, Shiba Inu (SHIB) whales have moved about 705 billion tokens worth over $16 million out of exchanges. Moving assets away from exchanges is considered bullish as it reduces the selling pressure on the market. SHIB whales may be expecting a price rebound soon.
SHIB has rallied 4% in the daily charts and 2.8% in the weekly. However, the asset is still down by 8.4% in the 14-day charts and over 15% in the last month.
According to CoinCodex, Shiba Inu (SHIB) could break out into a rally over the next few weeks. The platform anticipates SHIB to hit $0.00005853 on May 31, 2024. Reaching $0.00005853 from current levels would translate to a growth of over 150%.
Changelly also paints a bullish picture for SHIB over the next few weeks. The platform anticipates the popular dog-themed crypto to hit $0.00006159 on May 30, 2024.
Shiba Inu (SHIB) burn rate spike over 5800%
SHIB also witnessed a burn rate spike amid the massive whale movements. According to Shibburn, SHIB’s burn rate spiked to over 5800%. The whale movements may have led to increased activity, consequently leading to more burns. According to Shibburn, over 26 million SHIB tokens were incinerated in within a span of 24 hours.
SHIB burns have rarely led to major price movements. Shiba Inu has about 589 trillion tokens in circulation. Therefore, the number of tokens burnt is a miniscule percent of the total. Nonetheless, the SHIB team has said that they working on a new burn mechanism, rumored to burn trillions of tokens yearly. If the team can reduce the project’s supply, we may witness a massive price spike. However, the SHIB team has not revealed any official launch date for the new burn mechanism.
