SHIB Slides as Burn Rate Soars 468,000% Amid Whale Activity

By: bitcoin ethereum news|2025/05/07 06:30:02
0
Share
copy
SHIB dropped 7% this week after strong April price gains. SHIB burn rate surged 468,000%, reducing supply to boost value. Whale transactions increased, but daily active wallets slightly declined. The cryptocurrency market stayed mostly quiet over the weekend, with top coins like Bitcoin, Ethereum, Solana, and Shiba Inu (SHIB) seeing small price drops. Among them, Shiba Inu, one of the most popular memecoins, fell nearly 9% in the past week. The price dropped from around $0.000015 to $0.000012, raising concern among some investors after its impressive rally from April lows of $0.000010. SHIB On-Chain: Big Token Burns and Whale Moves On-chain data is showing interesting activity. According to Shibburn, around 19.05 million SHIB tokens were burned in the last 24 hours — sending the burn rate up by more than 468,968%. This burn mechanism, launched in 2022, is aimed at cutting down the total supply to help boost prices over time. So far, over 410 trillion SHIB tokens have been burned, with about 589 trillion still in circulation. Whale Holdings Remain Strong Despite Mixed User Metrics Data from IntoTheBlock shows other changes. The volume of large SHIB transactions (over $100,000) rose from 38 to 43 in a single day, marking an 8.9% increase. However, daily active addresses dropped by 12.6% in the same period. Interestingly, SHIB whales continue to control 74% of the total supply, showing that big investors are still holding their positions for the long term. SHIB Price Outlook: Mixed Signals From a technical point of view, SHIB is currently showing mixed signals and indicators like the MACD are pointing to weaker momentum. Even though SHIB is still trading about 85% below its all-time high of $0.000088, some analysts think this could be a good time to accumulate. Crypto analyst Javon Marks remains hopeful, predicting a breakout. Marks has set a target price of $0.000081, which would be a nearly 500% surge from current levels. He even believes SHIB might climb as high as $0.000155 during this bull run. What’s Next for Shiba Inu? With SHIB’s price under pressure but whale activity and token burns heating up, the memecoin remains one to watch. While the market sentiment stays neutral, analysts and investors alike are keeping an eye on SHIB for signs of a much-needed breakout in the coming weeks. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company. Source: https://coinedition.com/shib-slides-as-burn-rate-soars-468000-amid-whale-activity/

You may also like

Daily Observation of Cryptocurrency Concept Stocks: Nasdaq Bets on Stocks on the Blockchain, Strategy Buys Another 17,994 BTC, ETH Treasury Stocks Enter Production Period

Traditional exchanges are beginning to embrace stock tokenization, while BTC treasury companies continue to increase their holdings through capital market instruments. ETH treasury companies, beyond Bitcoin, are also starting to validate the "holding + earning interest" balance sheet logic.

One-click onboarding to RootData, allowing project information to be accurately presented on over 200 platforms including Binance Wallet, Gate, TP, and more

Exchanging disclosure for trust, transparency is no longer a cost of the project, but a core asset for long-termists.

To the Builders who are still persevering in the crypto industry

Kydo deeply reflects on the dilemmas of the cryptocurrency industry: bidding farewell to the false prosperity of "selling infrastructure to developers" and proposing a new paradigm of using programmable capital to provide growth fuel for AI Agent companies.

Oil Price Cools Off, Crypto Bounces Back

Why Oil and Bitcoin Prices Always Move in Opposite Directions

a16z Releases Top 100 AI Applications List, Models Are Moving Out of the Browser and App

With the rise of video creation, Agent tools, and AI browsers, AI is evolving from a chat product into a new platform and operating environment.

If you only follow the news, you may have misconstrued this Iran conflict

With a Narrative-Driven Agenda, Western Media Falsifies War Coverage

Popular coins

Latest Crypto News

Read more