Shiba Inu’s burn rate shoots 3900% today amid massive whale buying. Optimism around the meme coin could support a SHIB price surge.
In an extraordinary turn of events, the Shiba Inu (SHIB) meme coin has gained attention due to increased token burn rates. Shibburn, the platform that monitors the burn of SHIB tokens, reported an extraordinary rise in the burn rate of nearly 3900% on Thursday, June 6.
Furthermore, this significant increase in the SHIB burn rate has coincided with a period of sideways movement in the SHIB price. Further, the substantial increase in the consumption rate of Shiba Inu was concurrent with a significant increase in the purchase of whales. SHIB was collected by two whales in the last 24 hours, totaling more than $35 million.
Shiba Inu Burn Rate and Whale Accumulation Increase Significantly
The burn rate surge and whale purchasing have sparked optimism among traders and investors regarding the possibility of a SHIB rally. Within the crypto community, there has been significant excitement regarding the recent increase in the burning of SHIB tokens. The waste rate could increase the token’s value, reducing the overall SHIB supply in circulation.
The burn rate of SHIB tokens has increased by an impressive 3894.73% over the past 24 hours, as reported by Shibburn. This period saw the collective burning of 4.89 million SHIB tokens across numerous transactions by the Shiba Inu community. One wallet address was the most significant contributor to this increase. Particularly noteworthy was this.
There was a single transaction in which the wallet transferred a startling 4.03 million SHIB tokens to a deceased wallet. In addition, the wallet address 0xc55 contributed significantly to this endeavor, underscoring the community’s proactive efforts to decrease the circulating supply.
In addition, the burn rate further increased by the smaller token fires conducted by other members of the Shiba Inu community. All of these endeavors have resulted in the burning of an impressive total of 410.72 trillion SHIB tokens. The price of SHIB tokens could increase due to the essential factor of a decrease in supply.
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.
Potential price surge of SHIB?
Despite the sideways movement, Shiba Inu has maintained a significant margin above the critical level. 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 can potentially propel Shiba Inu to $0.00005.
