Santiment Report Indicates Potential for Significant Increase in Shiba Inu SHIB Price Soon
Key Points
Recent data from Santiment reveals a 2.4% decrease in Shiba Inu whale holdings on exchanges since late May.
The burn rate of Shiba Inu has surged by an impressive 1,460.86%, leading to a significant reduction in the token’s circulating supply.
Coach K Crypto has predicted a potential 231.5% rally for SHIB, with the coin reaching $0.00053 in the near future.
Shiba Inu, the second-largest meme coin based on market capitalization, has faced notable market corrections. Insights from Santiment suggest a decline in whale holdings of SHIB on centralized exchanges, alongside a sharp increase in the coin’s burn rate.
Despite these developments, recent data indicates that Shiba Inu could be on the cusp of a substantial price surge. Currently, the price of Shib coin stands at $0.00002178, showing a 1% increase.
Decline in Shiba Inu Whale Holdings
Santiment data shows a decrease in the amount of Shiba Inu held on centralized exchanges. The top ten exchanges have reported a reduction in SHIB holdings since May 27, with whale wallets now holding 2.4% fewer tokens compared to the previous three weeks.
The top 10 exchange wallets on the #ShibaInu, #Chainlink, and #Ethereum networks have seen their holdings shrink by:
$SHIB: -2.4%
$LINK: -2.9%
$ETH: -8.6%
This decline in exchange supplies is viewed positively by bullish traders.
pic.twitter.com/MbrSKaFF8s
— Santiment (@santimentfeed)
June 13, 2024
The data indicates a rise in SHIB supply on exchanges in mid-May, reaching a monthly peak before starting a downward trend in late May and early June. As of June 12, exchanges held 164.63 trillion SHIB tokens.
Santiment interprets the decline in exchange-held SHIB tokens as a bullish signal, suggesting that investors are transferring their holdings to self-custodial wallets.
Initiation of the Bull Run
Another Santiment report emphasizes that investors have been accumulating SHIB from exchanges, leading to a steady increase in the number of wallets holding between 10,000 and 10 million SHIB tokens. Currently, there are 831,548 such addresses, reflecting an addition of 36,281 new wallets since March 5.
Surge in Shiba Inu’s Burn Rate
Meanwhile, the Shibburn analytics platform has observed a significant 1,460.86% surge in the burn rate of Shiba Inu over the past 24 hours. Seven burn transactions have taken place, resulting in the disposal of 110,885,723 SHIB tokens.
Over the last 24 hours, a total of 110,885,723 $SHIB tokens have been burned across 7 transactions. Visit https://t.co/t0eRMnyZel to track the overall total of #SHIB tokens burned, circulating supply, and more.
pic.twitter.com/SaItvyEBDZ
— Shibburn (@shibburn)
June 14, 2024
A significant portion of this burn occurred in a single transfer by an anonymous whale, who sent 100,000,000 SHIB to an unspendable blockchain wallet.
Forecast for Shiba Inu Price
The decrease in circulating supply following the burn could potentially drive up the price of Shiba Inu. However, Coach K Crypto has put forth a timeline suggesting a 231.5% rally for SHIB, with the coin potentially reaching $0.00053.
Furthermore, the derivatives market has witnessed a decline in trading activity and investor interest, with SHIB Futures Open Interest decreasing by 1.68% and derivatives volume dropping by 64.37%. Currently, Shib is trading at $0.00002166, showing a 0.27% decrease from the previous day.