Shiba Inu’s burn rate spiked by 5,800% today, with over 25 million SHIB tokens destroyed in the last 24 hours. The massive token burn, plus some large whale moves, has assisted with SHIB’s price recovery within the past day. According to Arkham Intelligence, SHIB whales have moved about 705 billion tokens worth over $16 million out of exchanges. Moving cryptocurrency away from exchanges is considered bullish because it reduces the selling pressure on the market. Shiba Inu whales might be expecting a price rebound in the near future.
SHIB Burn Data Creates Bullish Sentiment
Shibburn data shows that Shiba Inu recorded a notable burn rate spike of 5800%, wiping out over 25 million SHIB tokens from the total supply. This leaves around 589 trillion SHIB remaining as the total supply.
Shiba Inu has burnt a massive 410 trillion tokens since the burn initiative was implemented. A large burn transaction triggered the spike in the burn rate. A wallet with the address 0xa9d1e08c7793a…, which transferred 24.17 million SHIB tokens to a null address, was spotted yesterday.
Data from Nasen also reveals that this wallet holds a total of $287.57 million worth of crypto assets. As of 5:17 AM EST yesterday, the wallet’s holdings have increased to $345.95 million, confirming its status as a whale address. Additionally, another whale address 0x0bae1851fb0…., burnt 1 million SHIB today. Also, Etherscan data reveals that this address still holds 17.32 million SHIB, which will possibly be burned at a later time.
Upcoming Predictions for Shiba Inu
According to CoinCodex, Shiba Inu could break out into a rally over the next few weeks. The platform anticipates SHIB to hit $0.00005853 by the end of May. Reaching $0.00005853 from current levels would translate to a growth of over 150%. Changelly also paints a bullish picture for SHIB in the coming weeks. The platform predicts that SHIB could hit $0.00006159 by the end of May.
Based on its price performance in the last 24 hours, SHIB will likely rally to $0.00002429 in the coming days.