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Shiba Inu's burn rate surged 3900% on June 6, fueled by a $35 million whale buying spree. This dramatic increase and renewed optimism could potentially drive the SHIB price toward $0.0001.
Shiba Inu Burn Rate Skyrockets 3900%, Whales Invest $35 Million, Fueling Price Surge Hopes
The Shiba Inu (SHIB) meme coin has recently gained attention due to a remarkable increase in its token combustion rate. On June 6, the burn rate experienced an extraordinary rise of nearly 3900%, as reported by Shibburn (via CoinGape), the platform that monitors the incineration of SHIB tokens.
Additionally, this significant increase in token burning has coincided with a period of sideways movement in the SHIB price. Additionally, the substantial increase in the consumption rate of Shiba Inu was concurrent with a significant increase in the purchase of whales. In the last 24 hours, two whales have collected more than $35 million in SHIB.
Traders and investors harbored expectations of a potential SHIB rally in response to the burn rate surge and whale purchasing. Considerable enthusiasm has been generated within the crypto community due to the recent increase in the burning of SHIB tokens. The combustion rate could increase the token's value by decreasing the total supply of SHIB in circulation.
Shiba Inu Burn Rate Jumps 3894%, Community Burns 4.89M SHIB, Whales Pour in $35M
According to Shibburn, the burn rate of SHIB tokens has increased by an impressive 3894.73% in the last 24 hours. The Shiba Inu community collectively burned 4.89 million SHIB tokens across numerous transactions during this period. Notably, a single wallet address significantly contributed to this increase.
In a single transaction, the wallet transmitted an astonishing 4.03 million SHIB tokens to a deceased wallet. The wallet address 0xc55 also contributed significantly to this endeavor, underscoring the community's proactive efforts to decrease the circulating supply.
Furthermore, the burn rate was further exacerbated by numerous more miniature token burning by other members of the Shiba Inu community. As a result of these efforts, the cumulative quantity of SHIB tokens burned has reached an impressive total of 410.72 trillion. Reduced supply is a critical factor that can increase the price of SHIB tokens.
Simultaneously, nine accounts belonging to SHIB whales have collectively spent $35.2 million. In the past 24 hours, they acquired 1.356 trillion SHIB at an average price of $0.00002596. Therefore, the substantial investment by major holders is a testament to the increasing confidence in SHIB's potential for future growth.
Shiba Inu Holds Above Key Level, Eyeing Short-Term Surge; Whale Accumulation Boosts Rally Prospects
Despite the sideways movement, Shiba Inu has maintained a significant margin above the critical level of $0.000025. Coingape reported that a short-term surge to $0.00003 could be observed if the SHIB price trades above this level. Furthermore, the bullish trajectory could propel Shiba Inu to $0.00005.
Additionally, a rally to the ambitious target of $0.0001 is feasible if the $0.00005 level is maintained. Furthermore, the accumulation of whales and the rise in consumption rate have the potential to trigger a price increase. Nevertheless, the cryptocurrency has a considerable distance to travel before surpassing its all-time high of $0.00008845.
On June 6, the Shiba Inu price was $0.00002569 at publication, representing a 0.53% increase. The meme coin had a market capitalization of $15.12 billion. Furthermore, the trading volume for Shiba Inu increased by 14.57% to $787.92 million within the past 24 hours.
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