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🫨🦈🦈Shiba Inu Whales Move 705B SHIB As Burn Rate Spikes 5800%
According to Arkham Intelligence, #ShibaInu (#SHIB ) whales have removed about 16 billion tokens with a value of more than $ 705 million from exchanges. The removal of assets from the stock exchanges is considered bullish because it reduces the selling pressure in the market. SHIB whales may be waiting for prices to recover soon.
SHIB recorded a 4% increase in the daily charts and a 2.8% increase in the weekly charts. However, the asset is still down 8.4% on the 14-day charts and has been hovering over 15% for the past month.
According to COINCODEX, Shiba Inu (SHIB) may hold a rally in the next few weeks. The platform expects the SHIB to reach $0.00005853 on May 31, 2024. Reaching $0.00005853 from current levels will translate into growth of over 150%
Changelly also paints a bullish picture for SHIB over the next few weeks. The platform predicts that the popular dog-themed cryptocurrency will reach $ 0.00006159 on May 30, 2024.
Shiba Inu (SHIB) burning rate has reached over 5800%
The SHIB has also witnessed an increase in the rate of burning in the midst of massive whale movements. According to Shibburn, the combustion rate of SHIB has increased to over 5800%. The whale movements may have led to increased activity and therefore more burns. According to Shibburn, more than 26 million SHIB tokens were burned in 24 hours.
SHIB burns have rarely led to large price movements. Shiba Inu has about 589 trillion tokens in circulation. Therefore, the number of tokens burned is a very small percentage of the total. However, the SHIB team said that they are working on a new burning mechanism that is said to burn trillions of tokens every year. If the team can reduce the supply of the project, we may witness a big price increase. However, the SHIB team has not announced the official launch date of the new incineration mechanism.
