The second largest meme coin in the world, Shiba Inu (SHIB), nearly half of its supply is in circulation and is rapidly depleting. The market cap of the Shiba Inu should increase as the token supply steadily declines and becomes less available for purchase.
However, in the midst of the recent price drop, an unnamed whale has transferred about 184 billion Shiba Inu, according to a recent tweet from Whale Alert.
Meme coin burn rate
According to ShibBurn data, the burning rate of Shiba Inu coins has increased by 107% in the last 24 hours. Over 4.1 million meme coins have been removed from circulation in the last 24 hours. Despite massive transfers of SHIB between Whale wallets, the Shiba Inu Price has plummeted due to increased volatility in the crypto market.
Currently, SHIB price is moving in a short-term sideways trend. The critical levels at this point are between $0.00000964 and $0.0000084. Additionally, SHIB price is displaying a series of green and red candles that represent the hesitancy of market participants.
Since the beginning of last month, the SHIB has fallen below its key moving averages, with the 50-day MA serving as a strong resistance especially in the early days of December. At press time, SHIB is trading at $0.000008872. SHIB price has lost 3.17% in the last 24 hours.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.