SHIB Burn Rate Reaches 1222%, Will Shiba Inu Price See a Bull Run?

According to Shibburn tracking platform statistics, around 200,000,000 Shiba Inu meme coins have been delivered to "inferno" wallets in the last 24 hours. In a single transfer, 151 million SHIB were burnt. This has increased the SHIB burn rate substantially. 

In addition, throughout the aforementioned time period, the price of the leading meme cryptocurrency increased by 2.4%, compensating for losses of the same magnitude sustained on Thursday.

The burning of tokens will make the SHIB ecosystem more scarce. SHIB Burn means that a mass amount of SHIB tokens will be sent to a dormant account which can only receive tokens but can't circulate or trade them. Let's see how Shiba Inu will move with the current trend and development.

Shiba Inu Whales Moves 100 Bn fo SHIB

According to WhaleStats, the quantity of Shiba Inu tokens in the addresses of sign holders, known as whales in the crypto industry, has increased by 100 billion SHIB since the beginning of the week.

The total value of these addresses is now estimated to be 661,99 trillion SHIB. It is critical to note that 410,36 trillion tokens are concentrated on the "dead" address, which is where Shiba Inu tokens are transferred to be destroyed.

Source: WhaleStats

Aside from the largest addresses, there was a favourable shift in balance among individuals classified as investors by the IntoTheBlock approach. We're talking about addresses that own between 0.1% and 1% of the Shiba Inu token's entire supply.

Shibarium Expected to Launch This Year

Earlier this week, Lucie, the Shiba Inu team's content marketing specialist, revealed some details on the Shibarium mainnet debut, which is scheduled for later in 2023. The projected release date of Shibarium is Q2-Q3 this year, according to Lucie, but the developer team cannot guarantee a precise date, although doing everything necessary to deliver Shibarium as soon as feasible.

A few other things will happen before the Layer 2 protocol is launched, Lucie noted in her Discord message. A full version of the Ethereum bridge and swap, as well as ShibaSwap 2.0, will be released.

This, however, is "yet to be confirmed," according to Lucie. Shytoshi Kusama had stated that Shibarium could be released in June. However, based on statistics supplied by Lucie in an earlier tweet, this does not appear to be practical.

Shiba Inu Price Analysis

Shiba Inu (SHIB) is currently trading at $0.00000852 with a 24-hour trading volume of $110,749,165. This indicates a -0.17% drop in the last 24 hours and a -0.30% drop in the last 7 days. Shiba Inu has a market valuation of $5,023,522,544 with a circulation supply of 590 Trillion SHIB.

According to the study of SHIB's price chart, there is a support level at $0.000008, which indicates where purchasing pressure might perhaps develop, resulting in a potential price surge. At the same time, the cryptocurrency confronts resistance at $0.00000894, which might spark selling pressure and hinder SHIB from moving higher.  

It is also worth noting that Shiba has seen a significant decline in large transactions and transaction volume in the last week, implying that 'whales' are slowing down. 

Source: TradingView

Conclusion

In conclusion, Shiba Inu is facing a slight bearish movement and prices are dropping for the past week. However, the recent SHIB Burn rate rise and large whale accumulation are expected to make a positive move.