Shiba Inu (SHIB) whales have transferred a significant amount of tokens, totaling 705 billion SHIB, amidst a spike in the burning rate, which has surged to 5800%. This move is seen as bullish as it reduces selling pressure. Despite recent price increases, SHIB remains down over the past month. COINCODEX and Changelly predict a rally, with SHIB potentially reaching $0.00005853 and $0.00006159 respectively by late May 2024. The increased burning rate, with over 26 million SHIB tokens burned in 24 hours, could contribute to a reduction in supply and potentially drive up prices, especially if the SHIB team implements a new burning mechanism.
