Shiba Inu (SHIB) has grabbed attention with a massive 3900% increase in its burn rate. This surge comes as whales bought $35 million worth of SHIB, fueling optimism for a price rally, as per analysis by CoinGape.
Quick Take
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Shiba Inu (SHIB) saw its burn rate increase by a staggering 3900% on June 6, according to Shibburn. This significant rise in burn rate occurred during a period of sideways price action for SHIB, highlighting the community's proactive efforts to reduce the circulating supply.
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In the past 24 hours, whales purchased over $35 million worth of SHIB, reflecting growing confidence in the cryptocurrency's future. Nine whale wallets collectively spent $35.2 million, acquiring 1.356 trillion SHIB at an average price of $0.00002596. This large-scale investment by whales is a strong indicator of optimism in SHIB’s potential for future gains.
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The combination of a dramatic burn rate increase and significant whale buying could lead to a surge in SHIB's price. With the supply reducing significantly, SHIB has maintained a crucial support level of $0.000025. If it continues to hold above this level, a short-term rally to $0.00003 is possible, with potential further gains to $0.00005 and even $0.0001.
SHIB/USDT price chart | Source: KuCoin TradingView
SHIB Burn Rate and Whale Activity
Shiba Inu burn rate spikes | Source: ShibBurn
Shibburn reported that SHIB's burn rate soared by nearly 3900% on June 6. This happened during a period of sideways price action for SHIB. The burn rate spike coincided with significant whale buying, where two whales purchased over $35 million of SHIB in the past 24 hours.
In the last 24 hours, the SHIB community burned a total of 4.89 million tokens. A single wallet contributed 4.03 million SHIB to a dead wallet in one transaction. This proactive burning reduced the circulating supply significantly.
Nine whale wallets collectively spent $35.2 million, acquiring 1.356 trillion SHIB at an average price of $0.00002596. This large investment reflects growing confidence in SHIB's future potential.
Potential Shiba Inu Price Rally?
Despite sideways action, SHIB has held above the crucial $0.000025 level. If it continues to trade above this level, a short-term surge to $0.00003 is possible. Further bullish momentum could propel SHIB to $0.00005 and potentially to the ambitious target of $0.0001.
As of now, SHIB/USDT trades at $0.00002569, up 0.53% on June 6. It holds a market cap of $15.12 billion, with a trading volume of $787.92 million, up 14.57% in the last 24 hours.
Shiba Inu's dramatic increase in burn rate and significant whale buying indicate strong market interest. The reduced supply could drive up SHIB's price, making it a cryptocurrency to watch.
