SHIB Eyes Fresh Gains Amid Massive Burn and Whale Moves

On Jul 19, 2024

Shiba Inu is yet again fueling hopes among the masses by making some big transactional moves in the realm of crypto. The on-point whale movements, coupled with the surging burn rate metrics, are pushing SHIB to touch new price highs.

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Shiba Inu: Double Action

As per the data released by IntoTheBlock, Shiba Inu is currently one of the favorite crypto tokens of whales. SHIB whale accumulation has surged dramatically, leading the ecosystem to encounter the exchange of 2.4 trillion shib tokens. At the same time, these whales have established a strong connection by trading nearly 3.4 trillion SHIB tokens to boost their price prospects.

Nearly 850 million tokens were traded on July 11, which indicates that the shib whales have been adopting a steady stance while accumulating the tokens. Such precise accumulation is now fueling hope for the token to reach new price highs, ultimately hitting a fresh ATH in the process.

SHIB Burn Rate Spikes

Shiba Inu’s burn portal plays a pivotal role in helping SHIB recover its price momentum. The burn portal also portrays massive burn metrics, indicative of Shiba Inu’s consistent process to improve its demand and supply system. Per Shibburn, in the last 24 hours, the Shiba Inu burn rate has surged by nearly 870%. To simplify it further, nearly 85 million shib tokens have been burned in the last week, the data platform shows.

Shiba Inu New ATH: When Will SHIB Crack a New Price Ceiling?

With such imperative metrics at play, the speculatory bandwagon is bent on predicting new price pedestals for SHIB. If the momentum continues, Shiba Inu could easily break past the $0.00002 price mark. This may usher in a new era for Shiba enthusiasts to bask in.

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CoinCodex predicts the token to surge by 47% by the end of July 26, 2024.

“The Shiba Inu price forecast for the next 30 days is a projection based on the positive and negative trends in the past 30 days. Based on these projections, SHIB will be changing hands at $0.00002850 on July 26, 2024, gaining 62.46% in the process.”