SHIB, LINK, and ETH saw declines in whale-held supplies on exchanges, indicating potential bullish signals.
Shibburn reported a 1,460.86% increase in SHIB burn transactions in 24 hours, burning 110,885,723 coins.
Santiment highlighted decreasing exchange supplies as positive for long-term market sentiment.
In a recent development highlighted by Santiment analytics aggregator, significant movements have been observed in the cryptocurrency market, particularly affecting Ethereum (ETH) along with Shiba Inu (SHIB) and Chainlink (LINK).
According to the latest data released, these three digital assets have experienced a notable positive shift that favors bullish traders. Key metrics from Santiment’s analysis point to a substantial reduction in the holdings of SHIB, LINK, and ETH by major holders on cryptocurrency exchanges.
This decrease in supply among the top 10 wallets has been particularly pronounced since May 27, with SHIB witnessing a decline of 2.4%, LINK dropping by 2.9%, and ETH decreasing by 8.6%. Analysts underscored that such diminishing exchange supplies are widely interpreted as a promising indicator for long-term bullish market sentiments among traders.
Moreover, the SHIB community has also seen a remarkable surge in its burn rate. Within the past 24 hours alone, the burn rate for this meme cryptocurrency skyrocketed by an astounding 1,460.86%. This surge was driven by seven burn transfers, collectively eliminating 110,885,723 Shiba Inu coins from circulation. Notably, a single anonymous whale transaction accounted for the disposal of 100,000,000 SHIB tokens into an irretrievable blockchain wallet.
In the past 24 hours, there have been a total of 110,885,723 $SHIB tokens burned and 7 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/SaItvyEBDZ
— Shibburn (@shibburn) June 14, 2024
These developments signify a dynamic period for these cryptocurrencies, with implications that extend beyond immediate market reactions. The combination of reduced exchange holdings and intensified burn rates for SHIB paints a complex but optimistic picture for investors and market participants navigating the evolving landscape of digital assets.
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