Shiba Inu Price Breaks: Due to the correction that has taken place in the cryptocurrency market as a whole, meme coins such as Shiba Inu and other alternative cryptocurrencies have been subjected to intense selling pressure. Shiba Inu (SHIB) has experienced a price increase of 5.4%. The past twenty-four hours brought it down to $0.00002404 and its market size to $14.17 billion. In addition, the daily trading volumes have increased by an astounding one hundred percent, surpassing $840 million.
Shiba Inu Whale Accumulation
However, there has been some selling pressure on Shiba Inu due to the overall market slump. The accumulation of whales has remained solid throughout the process. According to a recent update provided by Lookonchain, nine wallets, two of which belonged to whales, pooled together a total of $35.2 million to acquire a fantastic 1.35 trillion Shiba Inu tokens.
In addition, the article mentioned that four of the investors had bought. Shiba Inu coins using some of their Ethereum holdings. A few acquired SHIB at a low of $0.00002557, while others bought it at a high of $0.00002620 at different entry points. On the other hand, the average purchase price was determined to be $0.00002596.
According to a previous post, Lookonchain reported on the actions of a significant. Shiba Inu Whale had invested $18.44 million in SHIB. On June 5th, this whale made a transaction in which it acquired 715.9 billion Shiba Inu tokens by exchanging 4,849 ETH tokens.
Also Read: Shiba Inu Big Buyers Return: 2,300% Whale Volume Raise Price
SHIB Price Action to Watch
The data provided by IntoTheBlock indicates that the level of $0.000026 constitutes a substantial sell wall that is preventing the rise of Shiba Inu values. At this point, 64,320 addresses have collectively acquired 69.74 trillion SHIB coins at an average price of $0.000026. These addresses tend to sell off their holdings whenever Shiba Inu gets close to this price, which is increasing. The pressure in the amount of selling pressure typically results in a price correction, as shown in the market’s most recent movement. Consequently, SHIB has retraced most of its gains during its most recent rise, taking it below the $0.000026 mark.
Even though there is a slight bearish trend, the Shiba Inu Price Breaks burn rate has undergone a stunning spike, which has captured. The interest of cryptocurrency enthusiasts in the community. Four million,300,000 SHIB tokens were removed from circulation due to a 3000% spike in the burn rate in only twenty-four hours. Particularly noteworthy is that this big burn was started from a single wallet address. Highlighting that the community is working together to reduce the amount of SHIB in circulation.
FAQs
What significant whale activity has been observed in Shiba Inu?
Nine wallets, including two whales, accumulated 1.35 trillion SHIB tokens worth $35.2 million, indicating strong whale interest.
What is the key sell wall impacting SHIB's price?
The $0.000026 level serves as a substantial sell wall, where over 69 trillion SHIB held by 64,320 addresses creates selling pressure.
How has the SHIB burn rate changed recently?
SHIB's burn rate spiked by 3000% within 24 hours, with over 4.3 million tokens removed from circulation, driven by community efforts.
What has been the price action for SHIB in the past 24 hours?
SHIB saw a 5.4% price increase, reaching $0.00002404, with daily trading volumes doubling to over $840 million.
