Bittime - The price of Shiba Inu (SHIB) is starting to recover and is rising again. This price increase is believed to be triggered by several interesting factors, ranging from positive sentiment from US inflation data to a significant increase in the burning of SHIB tokens. Let's take a deeper look at the events that are happening in the Shiba Inu ecosystem.
SHIB Token Burn Increases
Based on IntoTheBlock data, there was a fantastic 16,856% spike in SHIB token burns in the last 24 hours. This signifies active efforts to reduce the number of SHIB circulating in the market.
In fact, it was observed that a single transaction managed to burn up to 225.6 million SHIB coins. In addition, there were two other separate transactions that also burned around 2.4 million SHIB coins.
This token burning effort aims to maintain the stability of the SHIB price by reducing the circulating supply. With reduced supply, in theory the demand for SHIB will increase, thus positively impacting its price.
Meanwhile, in the last 24 hours, SHIB burns increased by 863.58% based on data from Sibburn.com.
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Big Moves by Big Players
In addition to the surge in token burns, SHIB's price movements are also affected by large coin transfer activities by snapper-class crypto players, or commonly called "whales."
On Thursday, there was a transfer of 600 billion SHIB, worth IDR 9.6 trillion (exchange rate of IDR 16,000 per USD) from Robinhood wallet to an unknown wallet. The recipient's wallet is now recorded to hold 3.4 trillion SHIB, worth IDR 1.25 trillion, making it the wallet with the second largest SHIB ownership on the platform.
Not only that, the Coinbase crypto exchange was also observed to transfer 9 trillion SHIB, including 5.55 trillion SHIB worth IDR 8.89 trillion. This big move also sparked speculation among crypto investors.
Bull Run Indications?
Crypto analysts such as Coach K Crypto see similarities between the current situation and the bull run period that occurred from September 2021 to April 2021. According to him, the current SHIB price movement pattern has the potential to signal the coming bull run again.
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Volume Transaksi Meningkat Tajam
Analisis data on-chain oleh IntoTheBlock semakin memperkuat indikasi potensi bull run. Tercatat peningkatan volume transaksi sebesar 171% dan peningkatan jumlah daily active addresses (alamat aktif harian) sebesar 72,5%. Bahkan, transaksi dengan nilai di atas USD 100.000 (sekitar Rp 1,6 miliar) melonjak dari 153 transaksi pada 10 Juni menjadi 436 transaksi pada 11 Juni.
Peningkatan volume transaksi ini mengindikasikan adanya peningkatan aktivitas jual-beli SHIB, yang biasanya terjadi menjelang kenaikan harga signifikan.
Akumulasi SHIB oleh Investor Besar
Data on-chain lainnya yang menarik perhatian adalah akumulasi SHIB oleh 10 dompet tertentu. Dompet-dompet tersebut tercatat melakukan transfer 4,29 triliun SHIB, senilai Rp 1,55 triliun, ke bursa kripto Coinbase.
Further analysis shows that these 10 wallets accumulated SHIB in two different periods, namely September 2021 and March 2024. Their average purchase price was recorded at around USD 0.00001309 (around Rp 0.00021 per SHIB).
With the current price of SHIB, if the ten wallets choose to sell all their SHIB holdings, then the potential profit that can be achieved reaches more than USD 41.2 million (around IDR 660 billion). The movement of accumulation and the potential for large profits are certainly factors that also affect market sentiment.
Shiba Inu: More Than Just a Meme Coin
Lucie, Shiba Inu's marketing leader, responded to the latest developments optimistically. He was referring to an article in Forbes that called Shiba Inu "more than just funny."
The article emphasizes that Shiba Inu is not just a meme coin, but also a real example of how meme coins can develop real utility, even being able to become a pioneer of technological innovation in the world of digital currencies.
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How to Buy Shiba Inu (SHIB) on Bittime
You can buy and sell Shiba Inu (SHIB) easily and securely through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the SHIB/USDT market pair. To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have a sufficient balance by depositing a certain amount of funds into the wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can only buy crypto assets on the application.
Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime.
Monitor the price chart movements of Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational and does not constitute an offer or solicitation to sell or buy any crypto assets. Crypto asset trading is a high-risk activity. The price of crypto assets is volatile, where prices can change significantly over time and Bittime is not responsible for changes in fluctuations in the exchange rate of crypto assets.
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