Shiba Inu Burn Rate Drops 8% As Whale Moves $31M SHIB To Coinbase
Highlights
- Shiba Inu burn rate has fallen by 8% in the last 24 hours.
- Whales have moved over $31 million worth of SHIB to centralized exchanges.
- Shiba Inu price continues to climb amid a raft of negative fundaments.
The Shiba Inu burn rate has taken a major hit over the last day, casting a shadow of doubt over the short-term price of the memecoin. SHIB price is facing an array of downward pressure, with an unknown whale moving $31 SHIB to Coinbase.
Near-term Panic As Shiba Inu Burn Rate Tumbles By 8%
According to data from Shibburn, Shiba Inu’s burn rate has fallen by over 8% over the last day. Per the data, only 4.5 million SHIB were sent to a burn address over the last day, representing a steep decline of 8.62%.
The Shiba Inu burn rate has been in decline since the start of May, fuelled by a raft of factors. Back in mid-May, the SHIB burn rate fell 100%, barely days after a massive spike in burn activity on the network.
Shib tokens are burned to taper the circulating supply, increase demand, and prop up prices for a spike in token valuation. Consequently, the decline in burn rate may have an adverse effect on the near-term price performance of Shiba Inu.
At press time, the asset is trading at 0.00001286, up by nearly 2% over the last 24 hours, defying predictions for a short-term slump. A previous day decline in the burn rate threatened to send the SHIB price crashing by 28%.
There are several reasons behind a slowing Shiba Inu burn rate, including large SHIB holders offloading their tokens. Furthermore, the absence of an automatic burn mechanism plays a contributory role in the declining metrics.
Whale Moves $31M Worth Of SHIB To Coinbase
Amid the Shiba Inu burn rate decline, an unknown whale has moved a sizable amount of SHIB tokens to Coinbase Institution. According to an X post by Whale Alert, the whale transferred 2,542,712, 471,794 SHIB valued at $31 million to the institutional arm of Coinbase.
The whale, most likely an institutional SHIB holder, is signaling a mass sale of SHIB tokens on the centralized exchange. Typically, traders interpret the movement of funds from unknown wallets to exchanges as the precursor for a potential sale.
Traders are scanning the horizon for clues to decipher if the movement to Coinbase is a mass sale or a strategic liquidity management. However, Shiba Inu price is spiking on the back of sky-high transaction volumes for the memecoin.
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