SHIB Burn Rate Surges 3900%: Can Whale Accumulation Propel Price to $0.0001?
Shiba Inu’s Burn Rate Skyrockets 3900% Amid $35 Million Whale Buying Frenzy: Is a SHIB Rally on the Horizon?
In an extraordinary development, Shiba Inu (SHIB) has captured significant attention due to a remarkable surge in its token burn rate. According to Shibburn, a platform dedicated to tracking the incineration of SHIB tokens, the burn rate soared by an astonishing 3900% on Thursday, June 6th.
This dramatic increase in token burning coincided with a period of sideways price action for SHIB. Alongside this, massive whale buying has added fuel to the fire. Two whales acquired over $35 million worth of SHIB in the past 24 hours, signaling a strong bullish sentiment.
Shiba Inu Burn Rate & Whale Accumulation Skyrocket
The surge in SHIB token burning and whale buying has sparked optimism among traders and investors, with many anticipating a potential rally. The increased burn rate, which reduces the overall supply of SHIB, is a crucial factor that could drive up the token’s value.
In the last 24 hours alone, the burn rate of SHIB tokens escalated by an impressive 3894.73%, as reported by Shibburn. During this period, the Shiba Inu community collectively burned a total of 4.89 million SHIB tokens across multiple transactions. Notably, one wallet address emerged as the largest contributor, transferring a staggering 4.03 million SHIB tokens to a dead wallet in a single transaction. This significant contribution from wallet address 0xc55… underscores the community’s proactive efforts to reduce the circulating supply.
Additionally, other Shiba Inu community members conducted several smaller token burns, further driving up the burn rate. These efforts have led to the cumulative amount of SHIB tokens burned reaching an impressive total of 410.72 trillion, potentially setting the stage for a price surge.
In a parallel development, nine wallets owned by SHIB whales collectively spent $35.2 million to acquire 1.356 trillion SHIB at an average price of $0.00002596 in the past 24 hours. This significant investment by large holders underscores the growing confidence in SHIB’s potential for future gains.
SHIB Token Price Analysis
Despite the sideways price action, Shiba Inu has maintained a level above the crucial $0.000025 mark. As previously reported by Coingape, if the SHIB price continues to trade above this level, a surge to $0.00003 could be witnessed in the short term. Furthermore, the bullish momentum could propel Shiba Inu to $0.00005. If this level is sustained, a rally to the ambitious target of $0.0001 becomes plausible.
However, SHIB still has a long way to go before surpassing its all-time high of $0.00008845. At the time of writing, Shiba Inu’s price was $0.00002569, gaining 0.53% on Thursday, June 6th. The meme coin held a market capitalization of $15.12 billion, with its trading volume rallying 14.57% to $787.92 million in the last 24 hours.
The combination of a surging burn rate and significant whale accumulation could act as a catalyst for a price increase. Investors and traders are closely watching these developments to gauge SHIB’s potential for further gains in the near future.
