Shiba Inu (SHIB), the popular meme coin, is experiencing conflicting trends. While its burn rate has witnessed a significant surge its price continues to decline.
According to data from Shibburn.com, the burn rate for SHIB skyrocketed by a staggering 2,355.86% over the past 24 hours. This resulted in a total of 110,474,927 SHIB tokens being sent to dead wallets, effectively removing them from circulation. This move is seen as a positive development by the SHIB community as it aims to reduce the overall supply and potentially drive up the price in the long run.
On the other hand, the price of SHIB has been on a downward trajectory. At the time of writing, it sits at $0.000027 reflecting a 7.95% decrease in the last 24 hours. This decline coincides with significant movements of SHIB by large investors often referred to as whales.
Data from market tracker Whale Alert indicates that nearly a trillion SHIB tokens were transferred in three separate transactions to a prominent trading platform Robinhood. This includes a massive 461.6 billion SHIB from Wintermute and an even larger anonymous transfer of 467.5 billion SHIB.
These transactions suggest potential accumulation by Robinhood which is already known to be a major holder of SHIB. Also, data suggests that within the last 24 hours, another 17 billion SHIB tokens were transferred from the trading platform Cumberland to Robinhood.
Shiba Inu (SHIB) lagged behind competitors like Dogecoin (DOGE) last week with its price dropping 8% over the seven-day period. However, analyst Captain Faibik (CryptoFaibik on X) believes SHIB could be primed for a turnaround.
Faibik points to a technical pattern called a “symmetrical triangle” emerging on SHIB’s 6-hour chart. This pattern, characterized by lower highs and higher lows often indicates a period of consolidation in the market where buyers and sellers are evenly matched.
