Shiba Inu, the second-largest meme coin by market cap, has recently experienced significant market corrections. Insights from market intelligence platforms Santiment indicate that whale holdings of SHIB are declining on centralized exchanges, while the burn rate of the coin has skyrocketed.
Despite this, recent data suggests that Shiba Inu might be on the verge of a substantial price surge. As of now Shib coin price is trading at $0.00002178, reflecting a surge of 1%.
Shiba Inu Whale Holdings Decline
According to Santiment, the amount of Shiba Inu on centralized exchanges has been decreasing. Since May 27, the top ten exchanges have reported a reduction in SHIB holdings, with whale wallets now holding 2.4% fewer tokens than in the past three weeks.
The data shows a rise in SHIB supply on exchanges in mid-May, reaching a monthly high before beginning a downward trend in late May and early June. As of June 12, exchanges held 164.63 trillion SHIB tokens.
Santiment notes that this decline in exchange-held SHIB tokens is seen as a bullish signal, as it indicates that investors are moving their holdings to self-custodial wallets.
Beginning of the Bull Run
Further Santiment report highlights investors have been accumulating SHIB from exchanges, and the number of wallets holding between 10,000 and 10 million SHIB tokens has been steadily increasing, with 831,548 such addresses as of now. This reflects an addition of 36,281 new wallets since March 5.
Shiba Inu’s Burn Rate Surged
On the other hand, the Shibburn analytics platform, which tracks Shiba Inu burn transactions, reports a remarkable 1,460.86% increase in the burn rate over the last 24 hours. Seven burn transfers have been conducted, resulting in the disposal of 110,885,723 SHIB tokens.
Most of this amount was burned in a single transfer by an anonymous whale, sending 100,000,000 SHIB to an unspendable blockchain wallet.
Shiba Inu Price Forcast
This reduction in circulating supply could further boost the price of Shiba Inu. However, a prominent crypto trader Coach K Crypto recently revealed a timeline suggesting that SHIB could experience a 231.5% rally, potentially driving its price to $0.00053.
Additionally, the derivatives market has seen a decline in trading activity and investor interest, with SHIB Futures Open Interest falling by 1.68% and derivatives volume dropping by 64.37%. Shib is currently trading at $0.00002166, reflecting a 0.27% fall from the previous day.
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