2024-11-14 20:49 |
Unknown whales recently burned billions of SHIB, increasing its burning rate by a whopping 1,837% in one day. As information regarding the monumental token burn spread, SHIB surged by a significant 43% to $0.00002753, a value that had not been witnessed for months.
This has energized the burn activity initiated by the community, and the SHIB holders are still hopeful that they will achieve their target of reducing the total supply of tokens.
According to the tracking platform Shibburn, which identifies and analyzes Shiba Inu burn transactions, more than 463 million tokens were burned within one day.
Source: ShibburnThe burn rate increase is one of the largest, growing by 1,837% in the past few weeks. Among the seven transactions that led to a significant cut to the circulating supply, a single transaction of more than 412 million SH Shiboshi tokens showed that whales actively participated and committed to developing the SHIB ecosystem.
The other transactions also featured quantifiable sums, including 46.7 million, 3 million, and 1.2 million SHIB tokens being transferred to unspendable Ethereum addresses, indicating a concerted drive to decrease the supply in circulation.
Whale Activity Boosts SHIB Price SHIB/USDT Chart: CoinGeckoA surge in price typically accompanies large burn activities, and SHIB’s 24% rally was no exception. The price increase from $0.000021 to $0.00002753 has highlighted the impact of reduced token supply on SHIB’s value.
Shiba Inu has shown a steady upward trend recently, hitting highs near $0.0000028 before retracing each time, reflecting ongoing market volatility. SHIB is now stabilizing around $0.0000025, a consolidation phase that might signal an upcoming move—either a test of the resistance level or a potential pullback.
Support levels are key for tracking possible price shifts. The immediate support to watch is $0.0000025, where SHIB has found reliable backing with multiple rebounds. If this level doesn’t hold, the next support is around $0.0000022, which has historically cushioned declines and may attract buyers again if the price dips further.
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