SHIB Burns Shoot Up 5,803% After Cryptic Whale’s Contribution

• Daily burns skyrocketed by 5,803% after an anonymous whale burned 24M SHIB.
• Shiba Inu (SHIB) entered a new support cluster around $0.000023 this Friday.
• A $7 million gap between latest bids and sales puts extra pressure on SHIB.

The Shiba Inu community, popularly known as SHIB Army , was taken by surprise this Friday, witnessing a massive 5,803% surge in daily SHIB burns. According to the blockchain’s burning records, one particular transaction stands out from the crowd with a colossal 24,176,493 SHIB tokens blazed at once.

Converting to $565 at stamped transaction time, the transfer raised eyebrows among SHIB community members, who have been patiently waiting for Shiba Inu’s auto-burning mechanism on Shibarium Layer-2. Besides the hefty transaction, SHIB community members have burnt 26,430,838 SHIB coins over the past 24 hours.

Moreover, the abnormally huge increase in Shiba Inu burning falls in line with SHIB’s price movement, as the popular canine coin recouped 4% of the gains lost during the week. The altruistic SHIB burn deed has pushed SHIB above the $0.000023 support levels, marking $0.000025 as the next target for the canine crypto .

Good Samaritan’s Wallet Unveils Huge SHIB Stash

Upon further investigation by DailyCoin, the linked crypto wallet to the 26M SHIB burn transfer still holds a whopping 166,893,009,838.85 SHIB tokens, worth $3,903,591 as of press time. Moreover, Shiba Inu is the largest meme currency held in the wallet , according to Nansen’s crypto portfolio tracker.

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While 46% of the whale’s crypto wallet consists of USD Coin (USDC), it’s fair to say that the burning deed and the bullish price movement that followed for Shiba Inu has significantly boosted the percentage of custodians making a profit at this price range. With 59% of holders in the money, the range between $0.000023 to $0.000025 presents SHIB with a 13.36T support cluster, spread across 45.59K crypto addresses.

Cumulatively, Shiba Inu’s sales over the past 24 hours have outweighed the SHIB bids by $7 million, signaling additional selling pressure in this range. While the 24-hour SHIB asks have risen by 9%, purchases have dropped by 5.6% during the same time period. As of press time, the #12-seated Shiba Inu (SHIB) is exchanging hands at $0.00002338, according to CoinGecko.

On the Flipside

• Shibarium L2 underwent a hard fork earlier this month, with SHIB army members expecting to see an auto-burning mechanism built into the Layer-2 chain.
• While the auto-burning system is still being tested, SHIB Army members on social media argue that manually burning SHIB won’t have a stable effect on price.

Why This Matters

Shiba Inu’s community has been gradually growing throughout the years. Reducing SHIB’s huge supply via community burns has bore fruit in several pumps in the past.

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