SHIB Burn Rate Skyrockets As Whale Acquires More Tokens
The Shiba Inu army has continued to make efforts to reduce the meme token’s circulating supply in the market.
They have managed to burn a significant amount of SHIB tokens, which has pushed up its burn rate significantly.
Burn rate
Shibburn explorer publicly shared figures recently, which show that in a period of 24 hours, the total number of SHIB tokens eliminated stands at 12,702,169.
This is all due to the mutual efforts of the community. While the value of the tokens may not be too high, it is still a substantial contribution to the daily burns.
The total number of Shiba Inu tokens that have been eliminated from the market supply is around 410,726,436,823,094.
The overnight burn caused the burn rate to spike by 570% in a single day. The total number of burn transactions has reached 17 so far.
The largest transactions moved a total of 3,081,664 and 40,412,565 SHIB tokens. There were also several lumps of 1,000,000 SHIB tokens that were transferred to dead-end addresses.
As far as the weekly burn rate is concerned, it has experienced a decline of 71.87% so far. The total number of tokens removed from the circulating supply was 40,412,565.
Overall, the total number of SHIB tokens that are currently circulating in the market are 589,273,563,176,905.
Price action
As far as price is concerned, the second-largest meme token market is still stuck within a range. The popular meme token has a strong support level at $0.000022 and is striving to break out.
However, it also faces a strong resistance level at $0.000026 and has been trying to break through it. But, it has been unable to do so for now.
In the last week, there have been multiple volatility curves in the price of the Shiba Inu token. The Dogecoin rival has seen manifold surges and price dumps.
The Shibariumscan explorer revealed that the transaction volume of the SHIB token has not seen any increase in the last few days.
On May 14th, there had been a decline in the transaction count to 6,000. On May 20th, it had risen by 209.33%, as the number reached 18,560.
Whale purchase
Meanwhile, Shiba Inu whales have continued to accumulate the meme coin. Data from IntoTheBlock showed that in a 24-hour period, large whale transactions had risen by 73.72%.
The data showed that in 24 hours, the total number of large transactions stood at 327. This has set the meme token on an ambitious growth path.
The actual volume showed that Shiba Inu whales acquired 5.58 trillion tokens within 24 hours. These tokens were valued at $145.58 million.
This makes the meme token the most traded token amongst whales in this week. Since whales have acquired 5.5 trillion tokens, this means there would be a supply crunch in the market.
It could help the Shiba Inu token sustain the ongoing bull rally. But, its inability to break through is very concerning.
The token is currently moving in line with the broader crypto market, but its pace is significantly slower than the rest.
