Shiba Inu ($SHIB) Burn Rate Surges 3,000% as Whales Move In

The rate at which tokens of the meme-inspired cryptocurrency Shiba Inu ($SHIB) are being burned has skyrocketed by 3,000% earlier this week to reach 200 million SHIB in just 24 hours, at a time in which Ethereum ($ETH) whales are accumulating the cryptocurrency.

Timeline of Shiba-inu

Shiba Inu [SHIB] short-term traders and long-term investors may need to be alert after the coin decided to choose stagnancy. Over the last two weeks, SHIB's volatility has consolidated around the same spot.

At the time of publication, Shiba Inu is selling at $0.000013 after a pullback of 1.23% over the last 24hrs. As the currency is making such a move, there could be an opportunity for shorting if the price drops. If that happens, Shiba Inu's price might see a fall of 27% and drop to $0.0000093.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. After ascending toward its three-month high on 14 august, Shiba Inu [SHIB] bears inflicted a near-term decline.

Holding your coins is the most effective way of making things right for that coin. However, it can become a bit worrying when very few so-called whales hold most of the coins' supply.

Over the past two weeks, Shiba Inu has recorded increases of more than 5%. Analysts say that despite ongoing increases in the Shiba Inu ecosystem, holders should exercise caution right now. Holders of Shiba Inu anticipated a significant increase in the meme coin as demand for the governance token BONE peaked.

The euphoria around meme-based cryptocurrency Shiba Inu has translated into a rapid surge in accumulation recently. The number of SHIB holders has now hit an all-time high after peaking at 1.22 million.

An Ethereum-based memecoin rumored to be created by the same developer behind Dogecoin (DOGE) competitor Shiba Inu (SHIB) has pulled off enormous gains over the past month while the rest of the crypto markets trade down or sideways. Since the beginning of August, Dejitaru Tsuka (TSUKA) is up over 300%, going from $0.024 to $0.

Investors were taken aback by one of the most popular meme tokens in the market when it had a significant 8% gain and returned to a price we have not seen in nearly two weeks. Shiba Inu sank to the nearby trendline support before the massive reversal.

Shiba Inu's [SHIB] performance over the last thirty-day days has been less than what the cryptocurrency is capable of. While a slump in the market contributed to the fall, the SHIB Army may have expected more.

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto's own research on the subject Everyone loves dogs. Everyone loves memes too.