Shiba Inu Massive Token Burn Ignites $0.001 SHIB Price Dream — One Catalyst Could Spark the Explosion ⋆ ZyCrypto

On
June
25th,
dog-themed
memecoin
Shiba
Inu
(SHIB)
witnessed
a
significant
increase
in
its
intraday
token
burn
rate,
triggering
a
spike
in
transactions,
according
to
IntoTheBlock
data.
The
blockchain
analytics
firm
attributed
this
twofold
surge
in
burn
rate
to
large
transactions
worth
over
$100,000
conducted
by
whale
traders
even
as
SHIB
Army
continues
to
bank
on
the
$0.001
SHIB
price
dream.

Furthermore,
insights
from
Shiba
Inu’s
Official
burn
tracker,
Shibburn,
show
that
37.23
million
SHIB
tokens
were
removed
from
circulation,
reflecting
a
459%
jump
in
burn
rate.
As
of
press
time,
over
410
trillion
SHIB
tokens
have
been
removed
from
circulation.
Burning
means
permanently
removing
cryptocurrency
tokens
from
circulation
to
create
scarcity,
boosting
demand
and
market
value.

However,
the
deflationary
pressure
on
SHIB
failed
to
spark
a
price
rally
as
SHIB
traded
at
$0.00001799
following
the
token
burn.
The
increased
activity
among
large
investors,
known
as
“whales,”
along
with
the
simultaneous
drop
in
SHIB’s
price,
indicates
that
these
big
players
are
selling
off
their
holdings
to
secure
profits. 

This
is
usually
seen
as
a
signal
that
whales
believe
the
current
price
is
a
good
time
to
cash
out,
possibly
because
they
anticipate
future
price
drops
or
want
to
realize
gains.

Recent
Volatility
in
Memecoin
Market
Amid
Mt.
Gox
Compensation
News
and
Broader
Market
Decline

Over
the
past
month,
Shiba
Inu
has
witnessed
a
significant
downward
pressure,
decreasing
by
30%
in
value.
This
downtrend
follows
the
decline
of
the
broader
cryptocurrency
market.
On
June
Monday,
the
memecoin
sector
experienced
a
7%
decrease,
resulting
in
a
price
drop
for
assets
in
the
category.

Popular
meme
coins,
like
DOGE,
SHIB,
FLOKI,
and
BRETT,
saw
price
dips,
including
low-cap
tokens
such
as
ANDY
and
MUMU.
Analysts
believe
this
dip
was
triggered
by
news
that
Mt.
Gox
creditor
compensation
is
set
to
begin
in
July.

In
today’s
trading
session,
meme
coins
have
printed
price
gains,
with
green
candlesticks
flooding
the
sector.
Dogecoin,
the
largest
meme
coin
by
market
cap,
has
increased
by
1.69%
over
the
past
24
hours,
trading
at
$0.1235.

Meanwhile,
Shiba
Inu,
the
second-largest
meme
coin
by
market
cap,
trades
at
$0.00001733,
reflecting
a
3.06%
intraday
rally.