- Shiba Inu stuns the broader markets with a 45% upswing in 7 days.
- SHIB community-initiated daily SHIB burns skyrocketed by 6,223%.
- Whale donates 204K coins as SHIB is looking for a new ATH.
Shiba Inu has enjoyed a 45% bull rally towards a new three-month peak over the past few weeks. However, the freshly claimed SHIB price record reached in the morning on November 12, 2024, at $0.00002949, saw a quickly-paced retracement despite a favorable percentage of holders making a profit and extended support by SHIBโs crypto whales.
SHIB Supply Cut Short by Enormous Whale
This has served as a wake-up call for the SHIB community. Indeed, the community members took it upon themselves to decrease the current coin supply, boosting Shiba Inuโs daily burn rate by 6,223% with six transactions to null crypto wallet addresses since yesterday.
Among those, one SHIB burn transfer of 204K SHIB stands out as the largest. Upon further research by DailyCoin, it was established that the largest burn donor of the day is a large crypto whale, who currently owns 79B Shiba Inu coins and 456B PEPE.
Sponsored
Cumulatively, over $11 million of the Good Samaritanโs net worth comprises blue-chip meme coins, while Ethereum (ETH) remains the largest digital asset in the whaleโs wallet, valued at $11.89 million. The deed to raise SHIB’s burn rate by such magnitude expresses the whaleโs belief in the token, as otherwise, Shiba Inuโs burn rate mostly depends on the usage of Shibarium L2.
Is Shiba Inuโs New All-Time High Still in Play?
Over three years ago, SHIB rose to prominence with a humongous price rally to $0.00008616, netting 43905013% since the all-time low on November 28, 2020, roughly one month after its public inception. Retracing 71% from this milestone at the current prices, the meme token currently sports a three-times lesser market cap than then, $14 billion compared to nearly $42 billion.
As the altcoin’s current market stance is trying to settle above the critical resistance of $0.000025, this consolidation period for SHIB after a 45% seven-day rally comes with hefty crypto whale activity and high price correlation with Bitcoin (BTC). However, while the flagship crypto topped a new all-time peak of $93,477.11 on November 13, 2024, Shiba Inu has yet to cover the 70% base to a new record.
This long-term goal aligns with Shibarium L2โs activity, as Shiba Inuโs own blockchain approaches $4 million in total value locked (TVL), according to decentralized finance data explorer DefiLlama.
On the Flipside
- In the grand scheme, burning SHIB in the thousands rarely immediately affects Shiba Inuโs price.
- With 583.7T SHIB still in circulation, only burns in the billions tend to have an instantaneous market effect.
Why This Matters
Cryptocurrency burning is an efficient way to eliminate the overminted supply in the hopes of an eventual price appreciation driven by demand.
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