Unexpectedly, the Shiba Inu (SHIB) meme coin is gaining attention because of a startling rise in its token burn rate. Shibburn, a platform that tracks SHIB token incineration, reports that on Thursday, June 6, the burn rate increased by an incredible 3900%.
Furthermore, the SHIB price has been moving sideways concurrently with this sharp increase in token burning. Moreover, a significant increase in whale purchases coincided with the rise in the burn rate of Shiba Inus. Two whales took over $35 million of SHIB in the last 24 hours.
Burn Rate of Shiba Inus & Whale Accumulation Explode
Traders and investors were hoping for a possible SHIB bounce due to the increase in burn rates and whale buying. The cryptocurrency community is excited about the recent rise in the number of SHIB tokens burning. By decreasing the total amount of SHIB in circulation, the burn rate can increase the token’s worth.
According to Shibburn, the burn rate of SHIB tokens increased by 3894.73% in the last day. During this time span, the Shiba Inu community burned 4.89 million SHIB tokens in various transactions. One wallet address stood out as the main cause of this surge.
In one transaction, the wallet moved an astounding 4.03 million SHIB tokens to a dead wallet. Furthermore, the wallet address 0xc55 made this substantial gift, demonstrating the community’s proactive attempts to lower the supply in circulation.
Other members of the Shiba Inu community carried out additional smaller token burning to further increase the burn rate. Due to these efforts, an astonishing 410.72 trillion SHIB tokens have been burned. Reducing the supply is one important element that can raise the price of SHIB tokens.
Parallel to this, nine wallets belonging to SHIB whales have spent a total of $35.2 million. In the last 24 hours, they paid an average of $0.00002596 for 1.356 trillion SHIB. Thus, the substantial investment made by major investors highlights the growing belief in SHIB’s potential for future profits.
SHIB Cost Is It $0.0001?
Despite the sideways movement, Shiba Inu has maintained well above the critical level of $0.000025. Coingape reported that a short-term spike to $0.00003 is possible if the SHIB price stays above this level. Furthermore, the positive momentum can push Shiba Inu to $0.00005.
Furthermore, if the $0.00005 level is maintained, a rally to the lofty goal of $0.0001 might be anticipated. The rising burn rate and whale accumulation can also spark a price increase. However, the cryptocurrency still has a way to go before surpassing its $0.00008845 all-time high.
The price of a Shiba Inu was $0.00002569 at the time of publication on Thursday, June 6, up 0.53%. At the same time, the meme coin’s market value was $15.12 billion. Furthermore, Shiba Inu’s trading volume increased by 14.57% to $787.92 million the previous day.
