A mysterious wallet sent 101 million Shiba Inu (SHIB) tokens to the burning wallet. Meanwhile, a total of 105 million SHIB tokens were destroyed in the last 24 hours. Thus, these tokens have permanently evaporated from the circulating supply. Legendary analyst Peter Brandt says that if the meme coin drops below $0.00001310, the SHIB will be bearish.
101 million SHIB destroyed by mystery wallet in a single transaction
According to experts, the burning of the Shiba Inu is key to the meme coin’s rally, based on previous examples of the mass removal of SHIB tokens from circulation. Last week, Shiba Inu whales realized massive profits, lowering the price of SHIB. Analysts note that the Shiba Inu price is on a bullish or breakout point at $0.00001310.
The Shiba Inu token burn is considered one of the triggers of the SHIB price rally. Shiba Inu holders view token burning as an exercise that increases the value of their remaining Shiba Inu tokens. This activity destroys circulating SHIB tokens and sends them to a dead wallet address, permanently removing them. A total of 105 million Shiba Inu tokens have gone to the burn wallet in the last 24 hours. A mysterious wallet made 101 million of this in a single transaction. So far, 410.37 trillion SHIB tokens have been burned. This reduced the circulating supply by about 41%.
Whales hoarded Shiba Inu with the drop in the price of the meme coin in the second week of August 2022. The whales left SHIB holdings at a time when the Shiba Inu price hit $0.00001732 locally. Huge profits from big wallet investors coincided with Shiba Inu’s rally. Therefore, it shows that whale activity is an influencer on the price trend of the meme coin.
Peter Brandt in decline at Shiba Inu
Peter Brandt, who you also know from Kriptokoin.com, is a trader and analyte known for his accurate predictions. Brandt recently evaluated the Shiba Inu price trend. The analyst suggested that the meme coin is poised to drop if it fails to hold above the key price level of $0.00001310.
Shiba Inu 1-day price chart / Source: TradingViewMeanwhile, the Shiba Inu was trading at $0.0001276 at press time, according to data from CoinMarketCap. Meme coin has lost 6.5% on a daily basis. Currently, the popular meme coin has broken the key $0.00001310 set by Peter Brandt. If the bulls fail to push the SHIB price higher, the Dogecoin killer will have to contend.
Shiba Inu 1-day price chart / Source: CoinMarketCap
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