Shiba

Token

Shiba Inu

Trillion

The second biggest meme coin, Shiba Inu (SHIB), returned to printing red after gaining a bit over the past few weeks. Amid this downtime, crypto whales are making moves to push SHIB up in the market. However, <a href="https://news.todayq.com/shiba-inu-faces-selling-pressure-as-4-trillion-shib-floods-exchange/" rel="noopener noreferrer nofollow">Shiba Inu price</a> is up by 147% on the year to date (YTD) basis. Shiba Inu whales are back 
Data shared by Lookonchain reveals a crazy accumulation done by Shiba Inu whales over the past day. It reported that around 9 wallets of 2 crypto whales spent $35.2 million in order to buy 1.356 trillion SHIB in the last 24 hours. The accumulation was made at an average price of $0.00002596.
The biggest transaction recorded by the tracker has been adding 352.74 billion SHIB tokens. However, there was another major transaction of adding 323.1 billion and 234.1 billion Shiba Inu tokens.
The on-chain tracker reported another major transaction on June 5, where a “super big SHIB whale” added 715.9 billion SHIB (approx worth 4,849 ETH or $18.44 million). This whale is known for bagging 5.5 trillion SHIB during the coin’s early days.
Shiba Inu has been dealing with high selling pressure for a long time now. Its price has dropped by 18% in the last 90 days. The second biggest meme coin has managed to gain by 8% in the past 30 days. SHIB is trading at an average price of $0.0000256, at the press time. Its 24 hour trading volume dropped by 44.5% to stand at $530 million. What’s up with burn rate? 
Concurrently, Shiba Inu’s burn rate saw an extraordinary rise. According to Shibburn Explorer, the burn rate skyrocketed by nearly 3,895% overnight, with a total of 4,829,147 SHIB transferred to unspendable wallets.
The largest single burn transaction involved 4,039,143 SHIB being sent to a dead-end wallet about 15 hours ago. This significant burning of tokens is a deliberate strategy to reduce the overall supply and potentially increase the value of the remaining tokens.
The Shiba Inu community has responded positively to these developments, seeing the increased burn rate and whale accumulation as indicators of growing confidence and interest in the cryptocurrency. Token burning is an established practice aimed at creating scarcity and boosting the token’s value over time.

1.35 Trillion Shiba Inu scooped by whales, SHIB set to explode now?

Todayq News

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