- 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.