Shiba Inu’s Burn and Whale Accumulation of $100,000,000 Combo Could Fuel Next Leg Up for $SHIB
The Shiba Inu ($SHIB) token has seen its burn rate surge by an unprecedented 823.79%. According to data from Shibburn, a dedicated burn tracker for the cryptocurrency, the last 24 hours alone have witnessed the burning of 79,083,234 $SHIB tokens.
This is a significant uptick in the rate at which tokens are being removed from circulation, thereby reducing the overall supply and potentially increasing the token’s value.
As of the latest data, the current market price of $SHIB stands at $0.00000766 with a market capitalization of approximately $4.5 billion. The 24-hour trading volume is around $85 million.
Whales on the Move
In addition to the surge in the burn rate, the past week has seen large holders, commonly known as “whales,” accumulate roughly $100 million worth of $SHIB according to data from IntoTheBlock. This level of accumulation suggests a strong vote of confidence in the token’s future prospects.
Shibburn’s data reveals that the burning process involves sending tokens to three special addresses, including two “dead wallets” and the Genesis address, also known as the “Black Hole.” These actions effectively remove tokens from the circulating supply, contributing to the token’s deflationary nature.
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Show more +The dramatic increase in Shiba Inu’s burn rate, coupled with significant accumulation by large holders, sets the stage for a potential price surge. A higher burn rate effectively reduces the circulating supply of the token, creating a scarcity factor that could drive up demand.
The $SHIB token recently experienced a pullback, breaking below its $0.000008 support level—where the previous bullish breakout had occurred. This shift exposes the token to downside risks, potentially driving the price down to the next support level at $0.0000055.
The current trend for $SHIB is somewhat mixed. While it shows a downtrend on both short- and medium-term bases, the long-term outlook remains neutral. This suggests that while the token may face headwinds in the immediate future, its long-term prospects are still up for debate.
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Momentum is currently bearish for $SHIB. The Moving Average Convergence Divergence (MACD) line is below the MACD Signal Line, and the Relative Strength Index (RSI) is below 45, both of which are bearish indicators.
The token has already broken its nearest support zone at $0.0000080, making $0.0000055 the next critical support level. On the flip side, the nearest resistance zones are at $0.0000100 and $0.00001200.
When this deflationary mechanism is combined with the bullish sentiment indicated by the $100 million accumulation by whales, it creates a potent mix that could fuel a price rally. While market conditions are inherently volatile and influenced by a myriad of factors, the current dynamics surrounding $SHIB suggest that the token is primed for a significant uptick in value, provided that the broader crypto market conditions remain favorable.
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