Shiba Inu ($SHIB) is heating up the crypto space with a 115% surge in its burn rate, and whale activity is sparking widespread speculation about its future price movement. Over the last week, more than 16.1 million SHIB tokens have been permanently removed from circulation, contributing to a growing sense of excitement.
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Community-Led Burn Initiatives Drive Scarcity
The Shiba Inu community has been key in increasing the burn rate through strategic burn campaigns that send tokens to inaccessible wallets, effectively reducing the circulating supply.
š„ Key Milestone: Since the start of 2024, 410 trillion tokens have been burned.
š” Economic Impact: As the supply decreases and demand holds steady, $SHIB could see upward price pressure. The tokenās growing appeal and scarcity are attracting more investors into the market.
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Whale Activity Fuels Speculation
Large investors, known as whales, are also making big moves in $SHIB, further intensifying interest.
š§ Key Whale Movement: A whale moved $99 million worth of SHIB (about 40 trillion tokens) to a new wallet.
š Noteworthy Transaction: The transfer came from wallet "0x42219," which holds over 70 trillion SHIB tokens, and was sent to "0x633be," likely tied to BitGo, a digital asset firm.
This massive reallocation during a consolidation phase is sparking questions about price volatility and future market movements.
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Network Growth Reflects Rising Interest
Blockchain data reveals a noticeable uptick in wallet activity, with new SHIB wallets created reaching 6,612 before slightly tapering to 4,612.
š Why It Matters: This spike shows growing interest in $SHIB, supporting its recent price momentum. Continued growth in wallet creation is critical to maintaining investor confidence and future gains.
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Technical Analysis: Key Levels to Watch
$SHIBās price remains volatile, with crucial technical indicators providing mixed signals:
1. RSI: Has pulled back from over#COSSocialFiRevolution #shibaā” #BTC100KToday? #AltcoinNextMove #Write2Earn!
