In an extraordinary development, the Shiba Inu (SHIB) meme coin has garnered attention due to a remarkable increase in its token burn rate. Shibburn, a platform dedicated to tracking SHIB token incineration, reported an astonishing surge of nearly 3900% in the burn rate on Thursday, June 6.
SHIB Burning Surge Ignites Rally Hopes Amid Whale Accumulation
The surge in token burning coincided with significant whale buying activity, where two whales acquired over $35 million worth of SHIB in the past 24 hours. This synchronized surge in token burning and whale accumulation has ignited hopes of a potential SHIB rally among traders and investors.
The surge in SHIB token burning has sparked enthusiasm within the crypto community. By reducing the circulating supply of SHIB, the burn rate has the potential to enhance the token's value. Over the past 24 hours, the Shiba Inu community collectively burned a total of 4.89 million SHIB tokens, a significant contribution towards reducing the supply.
Whales Bet Big on SHIB: $35.2 Million Investment Signals Confidence in Potential Gains
Nine wallets owned by SHIB whales collectively invested $35.2 million, acquiring 1.356 trillion SHIB at an average price of $0.00002596. This substantial investment underscores growing confidence in SHIB's potential for future gains.
Despite sideways trading, SHIB has maintained levels above $0.000025, with potential short-term surges to $0.00003 and $0.00005 if this level sustains. Furthermore, sustained trading above $0.00005 could propel SHIB towards the ambitious target of $0.0001. However, surpassing its all-time high of $0.00008845 remains a significant milestone.
At present, SHIB is trading at $0.00002573, marking a 0.53% gain on Thursday, June 6, with a market capitalization of $15.12 billion. Trading volume for SHIB surged 14.57% to $787.92 million in the last 24 hours.
The surge in SHIB token burning, coupled with significant whale investments, indicates growing optimism within the Shiba Inu community. However, achieving price targets and surpassing previous highs will require sustained momentum and market support.