Shiba Inu (SHIB) bites at Dogecoin’s heels and has seen recent surges in whale activity and token burning, but its price remains sluggish. Shibburn, a Shiba Inu burn rate tracker, reported its token burn rate soaring over 400% on January 12 and the removal of a substantial 18 million SHIB tokens from the circulating supply.
The token’s fundamental metrics, as showcased by recent data from Shibburn, reveal a burn rate of -95.5% in the last 24 hours. The total burnt from the initial supply has reached a staggering 999,982,388,682,038, leaving a circulating supply of 8,222,782,394,807 SHIB.
This surge in the burn rate is attributed to three anonymous entities transferring a combined total of 16 million SHIB tokens to an irretrievable “dead wallet,” as reported by Shibburn data. This development follows the recent approval of exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC).
Adding to the bullish sentiment, several technical indicators on SHIB’s chart hint at a potential upward trend. TradingView data suggests the absence of major resistance levels beyond the psychological barrier at $0.000012. This lack of resistance could pave the way for a robust rally, especially considering the consistent higher lows SHIB has been printing since bouncing off the $0.000009 support level.
Additionally, LookOnChain, a blockchain analytics firm, revealed that over the past month, four large investors, commonly called “whales,” have collectively accumulated over 2.39 trillion SHIB tokens, valued at approximately $24.15 million. This influx of whales, moving significant amounts of SHIB from exchanges like Binance and Gate.io, suggests potential long-term holding plans or confidence in the token’s future.
As shown in the image above, Ethereum whales have shown a heightened interest in SHIB, with a significant transaction involving a crypto whale acquiring a staggering 136.86 billion SHIB tokens. The transaction, valued at approximately $1.38 million, saw funds being moved from the cryptocurrency exchange Binance to a private decentralized wallet.
This, coupled with data showcasing a 4.86% increase in SHIB’s value over the past month compared to more substantial gains in Bitcoin (9.78%) and Ethereum (16.09%), raises questions about the token’s market performance.
Despite these seemingly positive developments, SHIB’s price has not followed suit. The token currently sits at $0.0000101, down nearly 2% in the past 24 hours and trailing behind leading cryptocurrencies like Bitcoin and Ethereum in recent gains.
