Is SHIB Inu Price About to Skyrocket Heres Why You Should Invest Now
Key Points
Recent data from Santiment indicates a 2.4% decrease in Shiba Inu whale holdings on exchanges since late May.
The burn rate of Shiba Inu has surged by 1,460.86%, leading to a significant reduction in the token’s circulating supply.
Coach K Crypto has predicted a potential rally of 231.5% for SHIB, with the token reaching $0.00053 in the near future.
Shiba Inu, the second-largest meme coin based on market capitalization, has been experiencing notable fluctuations in recent times. Insights provided by Santiment, a market intelligence platform, reveal a decline in whale holdings of SHIB on centralized exchanges, accompanied by a remarkable increase in the coin’s burn rate.
Despite these challenges, the latest data suggests that Shiba Inu may be on the brink of a substantial price surge. Currently, SHIB is being traded at $0.00002178, showing a modest 1% increase.
Decrease in Exchange Holdings
Santiment’s data indicates a consistent reduction in Shiba Inu holdings on centralized exchanges. Since May 27, the top ten exchanges have witnessed a decline in SHIB holdings. Whale wallets, in particular, now possess 2.4% fewer tokens compared to three weeks ago.
On May 27th, the top ten exchange wallets on the Shiba Inu, Chainlink, and Ethereum networks have experienced declines in holdings as follows:
– SHIB: -2.4%
– LINK: -2.9%
– ETH: -8.6%
This decrease in exchange supplies is viewed positively by Santiment as a bullish sign for traders.
Bullish Signals from Investor Behavior
The decrease in SHIB tokens on exchanges is seen as a positive development by Santiment, indicating that investors are transferring their holdings to self-custodial wallets. Additionally, there has been a notable increase in the accumulation of SHIB from exchanges, with wallets holding between 10,000 and 10 million SHIB tokens steadily rising to 831,548 addresses, marking an increase of 36,281 since March 5.
Surge in Shiba Inu’s Burn Rate
Simultaneously, the Shibburn analytics platform has reported a remarkable 1,460.86% surge in the burn rate over the past 24 hours. Seven burn transfers have collectively eliminated 110,885,723 SHIB tokens, with a significant portion being sent to an unspendable blockchain wallet by an anonymous whale in a single transfer of 100,000,000 SHIB.
Shiba Inu Price Forecast
The reduction in circulating supply due to the increased burn rate could potentially drive the price of Shiba Inu higher. However, Coach K Crypto has recently unveiled a timeline suggesting a 231.5% rally for SHIB, with the token possibly reaching $0.00053.
On the other hand, the derivatives market has seen a decline in trading activity and investor interest. SHIB Futures Open Interest has dropped by 1.68%, and derivatives volume has significantly decreased by 64.37%. Currently, Shiba Inu is trading at $0.00002166, showing a slight 0.27% decrease from the previous day’s closing price.