TLDR
- Shiba Inu recorded a massive 3,500% surge in its burn rate within 24 hours.
- Over 537 million SHIB tokens were removed from circulation during the latest burn activity.
- The price of Shiba Inu rose by 4% following the large-scale token burns.
- SHIB futures open interest increased by more than 4%, reaching $141.85 million.
- Whale activity in SHIB dropped sharply, with large transactions falling by 65 percent in one day.
Shiba Inu witnessed a dramatic rise in its burn rate, surging over 3,480% within just 24 hours. More than 537 million SHIB tokens were permanently removed from circulation, tightening supply. This surge created positive momentum, pushing Shiba Inu’s price up by 4% amid recent market turbulence.
Shiba Inu Sees Surge in Futures Interest
The recent burn activity in Shiba Inu has sparked increased investor interest and market optimism. A single wallet ending in …2019a contributed heavily, sending over 500 million SHIB to the burn address. This strong burn volume resulted in upward pressure on the token’s price and market cap.
Along with the price increase, Shiba Inu’s futures open interest also rose, gaining over 4% in the same time frame. According to Coinglass, open interest reached $141.85 million, showing rising confidence among traders. This data supports the growing bullish sentiment across the Shiba Inu trading ecosystem.
Large SHIB Transactions Drop Significantly
Despite the burn-driven rally, Shiba Inu’s large holders showed signs of reducing their participation in the market. Wallets holding $100,000 or more in SHIB have reported a 65% drop in transaction volume. This decline highlights uncertainty among large investors despite the current price recovery.
On June 6, large SHIB transactions totaled 17.63 trillion SHIB, marking a recent high point in whale activity. However, the metric fell sharply to 948.59 billion SHIB over the last day. This shift suggests some whales are selling off their holdings while retail interest grows.
Retail Confidence Grows as Whales Retreat
Though Shiba Inu showed strength with its rising price and reduced supply, the whale pullback presents a cautious outlook. Continued burns could support prices further if supported by renewed large-holder activity. Traders remain optimistic but are closely watching whale behaviour and broader market trends.
Overall, Shiba Inu continues to show resilience with growing retail enthusiasm and steady token burns. Market sentiment remains positive in the short term as the burn strategy strengthens. As volatility persists, investors will monitor key movements in Shiba Inu’s supply and whale activity.
