Mystery Wallet Burns 1.69 Billion Shiba Inu, Will It Result In Price Bump?
May 05 2023 - 9:00AM
NEWSBTC
An unidentified Shiba Inu wallet holder burnt about 1.69 billion
SHIB in a single transaction. This burn event caused the overall
SHIB burn rate to increase by 38,986.28%, exceeding yesterday’s
burn rate of 1.34 million SHIB. SHIB burn events are critical to
its price movement since they eliminate excess tokens in
circulation and the 1.69 billion SHIB burn represents the
third-largest burn event this week. However, the burn event did not
significantly impact SHIB’s price, although it could improve its
performance in the long term. SHIB Burn Rate Increasing This Week
Shiba Inu experienced massive burn events this week from some of
its top holders. CultPunks and a mysterious wallet are among the
main contributors to these burns. A total of 2.25 billion SHIB
token burns occurred on May 3-4. These transactions significantly
increase the SHIB burns on the network in 2023. Related Reading:
Pro-XRP Attorney Shares Information That Could Be Bullish For
Ripple The new NFT collection on the Modulus Network, Cultpunks,
burnt 246.74 million SHIB in a single transaction. Also, Blaze
Token sent approximately 2 billion SHIB to the dead wallet in a
single transaction. These burns contributed to the overall burn
rate that increased progressively to date. Amid the ongoing burn
transactions, some whales continue to accumulate SHIB tokens.
Etherscan.io revealed that a prominent SHIB whale purchased 221.72
million SHIB worth $2.23 million in a single transaction. The
whale started its purchases on April 25, 2023, when it bought
730.61 million SHIB. Also, on April 27, the same whale acquired an
additional 76.31 billion SHIB worth $770,036. Additionally, the
SHIB whale bought 49.34 billion SHIB worth $495,868 on April
29. Lastly, the same SHIB whale purchased 348.11 billion SHIB
tokens worth $3.50 million last week in four transactions, bringing
its current holdings to 21.6 trillion SHIB tokens ($218.19
million). Will The Burns And Whale Accumulation Boost Shiba Inu?
Shiba Inu is fluctuating today despite the news of increasing token
burns and accumulations. It has formed a Gravestone Doji
candlestick indicating the possibility of further decline in its
price. SHIB is trading below its 50-day and 200-day Simple Moving
Averages (SMA), suggesting a bearish sentiment in the short and
long term. Also, its Relative Strength Index (RSI) value is
35.97, close to the oversold region of 30. However, the indicator
is moving sideways, reflecting traders’ uncertainty in the market
today. Related Reading: This Meme Coin Created By GPT-4 Is Now
Worth $40 Million, Here’s Why SHIB has dropped below the $0.0000102
support level turning it to resistance. Its closest support level
is $0.00000963 and a decline below this level will push the asset
into the oversold region. Also, its resistance levels are
$0.0000102, $0.00001188, $0.000014, and $0.0000159. SHIB will
likely decline to rest on the $0.00000963 support if the bears
sustain their charge. Featured image from Pixabay and chart from
Tradingview
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