Massive Good Sign for Shiba Inu (SHIB) Price Revealed by Report

Santiment analytics aggregator has released a report about Ethereum and to other notable altcoins – Shiba Inu and Chainlink.

The data it shared shows that a positive move on the market has just happened for bullish traders of these three cryptocurrencies.

Bullish SHIB, ETH and LINK sign revealed by Santiment

The tweet published by the aforesaid data source earlier today shows that the supply of SHIB, LINK, and ETH held by whales on cryptocurrency exchanges has drastically shrunk since May 27.

The top ten wallets on these networks have seen their holdings plunge – SHIB went down by 2.4%, LINK dropped by 2.9%, and ETH decreased by 8.6%.

The analytics team of Santiment underscored that decreasing exchange supplies are generally believed to be “a long-term bullish sign” for traders.

🐳 The top 10 exchange wallets on the #ShibaInu, #Chainlink, and #Ethereum networks, respectively. Since May 27th, their holdings have shrunk by:

📉 $SHIB: -2.4%
📉 $LINK: -2.9%
📉 $ETH: -8.6%

Decreasing exchange supplies should be considered a good sign for bullish traders. 👍 pic.twitter.com/MbrSKaFF8s

— Santiment (@santimentfeed) June 13, 2024

SHIB burn rate soars by over 1,000%

The Shibburn analytics platform focused on Shiba Inu burn transactions has shared that within the last 24 hours, the burn rate of this popular meme cryptocurrency has seen a notable increase of 1,460.86%.

In the past 24 hours, there have been a total of 110,885,723 $SHIB tokens burned and 7 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/SaItvyEBDZ

— Shibburn (@shibburn) June 14, 2024

There has been seven burn transfers conducted so far, according to the data shared by this wallet tracker. In total, the SHIB community has managed to dispose of 110,885,723 Shiba Inu meme coins. Nearly all of this amount was burned in a single transfer made by an anonymous whale with 100,000,000 SHIB gone into an unspendable blockchain wallet forever.

Source