Shiba Inu, the second-largest meme coin by market cap, has recently seen significant fluctuations. Insights from market intelligence platforms Santiment show a decline in whale holdings of SHIB on centralized exchanges, while the coin’s burn rate has soared.
Despite these challenges, recent data suggests Shiba Inu could be gearing up for a substantial price increase. Currently, SHIB is trading at $0.00002178, marking a slight 1% rise.
Decline in Exchange Holdings
Santiment reports a consistent drop in Shiba Inu held on centralized exchanges. Since May 27, the top ten exchanges have seen reductions in SHIB holdings. Whale wallets, specifically, now hold 2.4% fewer tokens compared to three weeks ago.
In mid-May, SHIB supply on exchanges peaked before beginning a decline in late May and early June. As of June 12, exchanges collectively held 164.63 trillion SHIB tokens.
Bullish Signals from Investor Behavior
The decrease in SHIB tokens on exchanges is seen positively by Santiment, indicating investors are moving their holdings to self-custodial wallets. Moreover, there’s been a notable accumulation of SHIB from exchanges, with wallets holding between 10,000 and 10 million SHIB tokens steadily rising to 831,548 addresses—an increase of 36,281 since March 5.
Shiba Inu’s Burn Rate Surged
Simultaneously, the Shibburn analytics platform reports a staggering 1,460.86% surge in the burn rate over the last 24 hours. Seven burn transfers have collectively disposed of 110,885,723 SHIB tokens, primarily through a single transfer of 100,000,000 SHIB to an unspendable blockchain wallet by an anonymous whale.
Shiba Inu Price Forcast
This reduction in circulating supply could further boost the price of Shiba Inu. However, a prominent crypto trader Coach K Crypto recently revealed a timeline suggesting that SHIB could experience a 231.5% rally, potentially driving its price to $0.00053.
Conversely, the derivatives market has witnessed declining trading activity and investor interest. SHIB Futures Open Interest has decreased by 1.68%, and derivatives volume has dropped significantly by 64.37%. Currently, Shib is trading at $0.00002166, a slight 0.27% decrease from the previous day’s close.
Also Read: Will Book Of MEME (BOME) Be The Top Meme Coin Next Week?
