SHIB burn rate plunges by 62%, price falls below $0.00002, whales buying dip

From Investing.com: 2024-06-17 14:00:23

The burn rate of meme cryptocurrency SHIB has plummeted by over 62%, resulting in the destruction of 93,088 SHIB coins. Additionally, 210,439 SHIB has been transferred to unspendable wallets, with a weekly burn increase of 743.98%.

SHIB’s price has dropped 5.15% today, falling below $0.00002. This decline follows Bitcoin’s drop from $67,000 to $65,590, with whales buying the dip in anticipation of a potential rise soon.

Wallets holding 10+ Bitcoins have increased their holdings to match those from two years ago, signaling potential growth for both Bitcoin and altcoins, including SHIB. A strong correlation between these wallets and Bitcoin’s market value suggests a positive outlook for the cryptocurrency market.

Read more at Investing.com: SHIB Collapses in Key Metric Amid Price Slumping Below $0.00002 By U.Today