101 million Shiba Inu destroyed in a single transaction by mystery wallet
|- Shiba Inu burn intensified as a mystery wallet burned 101 million SHIB tokens.
- A total of 105 million Shiba Inu tokens have been destroyed in the last 24 hours, pulled out of the circulating supply permanently.
- Legendary investor and analyst Peter Brandt is bearish on Shiba Inu if the meme coin plummets below $0.00001310.
Shiba Inu’s burn is key to the meme coin’s rally, based on previous instances of mass removal of SHIB tokens from circulation. Over the past week, Shiba Inu whales engaged in massive profit-taking, pushing the SHIB price lower. Analysts believe Shiba Inu price is at a make or break point, at $0.00001310.
Also read: Shiba Inu on fire, another price rally around the corner?
Shiba Inu token burn intensifies over the weekend
Shiba Inu token burn is considered one of the triggers of the SHIB price rally. SHIB holders consider token burn as an exercise that increases the value of leftover Shiba Inu tokens. This activity destroys SHIB tokens in circulation and permanently removes them, by sending them to a dead wallet address.
Over the past 24 hours, a total of 105 million Shiba Inu tokens were burnt. Of this, 101 million were burnt in a single transaction by a mysterious wallet. 410.37 trillion Shiba Inu tokens have been burned so far, reducing the circulating supply by nearly 41%.
Whales accumulated Shiba Inu through the meme coin’s dip in price in the second week of August 2022. Whales shed their SHIB holdings at a time when Shiba Inu price hit a local top of $0.00001732. Massive profit-taking by large wallet investors coincided with Shiba Inu’s rally, therefore indicating that whale activity is an influencer in the meme coin’s price trend.
Peter Brandt is bearish on Shiba Inu
Peter Brandt is a legendary investor and trader. Brandt recently evaluated the Shiba Inu price trend and argued that the meme coin is ready to decline if it fails to hold above the key price level of $0.00001310. Shiba Inu price is currently close to the $0.00001310, if bulls fails to push SHIB price higher, the Dogecoin-killer could struggle with its recovery.
SHIB-USDT 1-day price chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.