'Dogecoin Killer' Shiba Inu Burn Rate Spikes Over 5000%: Analyst Points To 'Massive Withdrawal' Of 8 Trillion SHIB From Crypto Exchange Wallets
Portfolio Pulse from Mehab Qureshi
Shiba Inu's (CRYPTO: SHIB) burn rate has spiked over 5000% in the past 24 hours with 53 million SHIB tokens removed from circulation. Two anonymous addresses burned 50 million SHIB in two transactions. SHIB whales have been active, with 47 large transactions noted. Since October, over 30,000 new non-zero SHIB addresses have been created, indicating increased engagement. Analyst Ali Martinez reported a withdrawal of over 8 trillion SHIB from exchange wallets since November. SHIB is currently trading at $0.000010, down 0.24%.
December 25, 2023 | 4:08 pm
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Shiba Inu's token burn and withdrawal from exchanges could indicate a supply reduction and potential price increase. Active whale transactions and new addresses suggest growing interest in SHIB.
The significant burn rate increase and large withdrawals from exchanges typically reduce the available supply, which can lead to a price increase if demand remains constant or grows. The addition of new non-zero addresses and whale activity are bullish signals, indicating increased adoption and potential upward price pressure.
CONFIDENCE 75
IMPORTANCE 85
RELEVANCE 100